Required:

Prepare an income statement, a retained earnings statement, and a classified balance sheet. $10,000 of the notes payable become due in 2002 .

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The adjusted trial balance columns of the work sheet for Shmi Skywalker Company is as follows: Account No. 101 112 126 130 151 152 200 201 212 230 311 320 332 400 610 631 711 722 726 905 SHMI SKYWALKER COMPANY Work Sheet For the Year Ended December 31, 2001 Account Titles Cash Accounts Receivable Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment Notes Payable Accounts Payable Salaries Payable Interest Payable Common Stock Retained Earnings Dividends Service Revenue Advertising Expense Supplies Expense Depreciation Expense Insurance Expense Salaries Expense Interest Expense Adjusted Trial Balance Dr. 22,800 15,400 2,300 4,800 44,000 12,000 12,000 3,700 6,000 4,000 37,000 1,000 165,000 Cr. 18,000 20,000 8,000 3,000 1,000 20,000 16,000 79,000 165,000 The adjusted trial balance columns of the work sheet for Shmi Skywalker Company is as follows: Account No. 101 112 126 130 151 152 200 201 212 230 311 320 332 400 610 631 711 722 726 905 SHMI SKYWALKER COMPANY Work Sheet For the Year Ended December 31, 2001 Account Titles Cash Accounts Receivable Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment Notes Payable Accounts Payable Salaries Payable Interest Payable Common Stock Retained Earnings Dividends Service Revenue Advertising Expense Supplies Expense Depreciation Expense Insurance Expense Salaries Expense Interest Expense Adjusted Trial Balance Dr. 22,800 15,400 2,300 4,800 44,000 12,000 12,000 3,700 6,000 4,000 37,000 1,000 165,000 Cr. 18,000 20,000 8,000 3,000 1,000 20,000 16,000 79,000 165,000

Answer rating: 100% (QA)

Shmi Skywalker Company Income Statement For the Year Ended Dec 31 2001 Account Title Amount 400 Serv... View the full answer