Rainbow Corporation 8,000 15,500 2,500 24,500 1 Cash 2 Accounts Recelvable 3 Supplies 4 Office Equipment...

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Rainbow Corporation 8,000 15,500 2,500 24,500 1 Cash 2 Accounts Recelvable 3 Supplies 4 Office Equipment 5 Accumulated Depreciation 6 Accounts Payable 7 Salaries Payable 8 Capital Stock 9 Retained Earmings 10 Dividends 11 Fees Earned 12 Salary Expense 13 Supplies Expense 14 Depreciation Expense 15 Miscellaneous Expense 4,500 3,300 5,000 20,200 2,000 51,750 30,750 1.500 84.750 84.750 16 17 Net income 18 Assignment: From the above information, prepare the Income Statement, Statement of Retained Earnings and the Balance Sheet. All work must be done in EXCEL. Regarding the data, above, ignore the label, "Net Income". Also, ignore the presentation of the numbers in two columns. Pretend that the numbers are in one column, the same as the textbook problems. The data for the computer project was missing 3 key numbers. Here are those 3 numbers: Supplies Expense Depreciation Exp Salary Payable $1,500 $ 4,500 $ 17,500 Also, the date of the financial statements is: December 31, 2021. Rainbow Corporation 8,000 15,500 2,500 24,500 1 Cash 2 Accounts Recelvable 3 Supplies 4 Office Equipment 5 Accumulated Depreciation 6 Accounts Payable 7 Salaries Payable 8 Capital Stock 9 Retained Earmings 10 Dividends 11 Fees Earned 12 Salary Expense 13 Supplies Expense 14 Depreciation Expense 15 Miscellaneous Expense 4,500 3,300 5,000 20,200 2,000 51,750 30,750 1.500 84.750 84.750 16 17 Net income 18 Assignment: From the above information, prepare the Income Statement, Statement of Retained Earnings and the Balance Sheet. All work must be done in EXCEL. Regarding the data, above, ignore the label, "Net Income". Also, ignore the presentation of the numbers in two columns. Pretend that the numbers are in one column, the same as the textbook problems. The data for the computer project was missing 3 key numbers. Here are those 3 numbers: Supplies Expense Depreciation Exp Salary Payable $1,500 $ 4,500 $ 17,500 Also, the date of the financial statements is: December 31, 2021.

Answer rating: 100% (QA)

Answer Income Statement of Rainbow Corporation for the year ending 31st December 2021 Particula... View the full answer