The following accounts are taken from Foresters, Inc., a company that specializes in recovering from cognitive problems,
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Question:
The following accounts are taken from Foresters, Inc., a company that specializes in recovering from cognitive problems, as of December 31.
Foresters, INC. | ||
Account Name | Debits | Credits |
Cash | $ 59,750 |
|
Accounts Receivable | 3,300 |
|
Prepaid Insurance | 4,700 |
|
Equipment | 64,600 |
|
Land | 23,000 |
|
Accounts Payable |
| $ 29,230 |
Deferred Revenue |
| 1,500 |
Notes Payable (long-term) |
| 74,000 |
Common Stock |
| 5,000 |
Retained Earnings |
| 14,500 |
Dividends | 0 |
|
Service Revenue |
| 35,700 |
Salaries and Wages Expense | 3,900 |
|
Repairs and Maintenance Expense | 410 |
|
Office Expenses | 270 |
|
Totals | $159,930 | $159,930 |
Required:
Using the unadjusted trial balance provided,
- Create an Income Statement for Foresters, Inc., for the year ended December 31.
- Create a Classified Balance Sheet for Foresters, Inc., for the year ended December 31.
Related Book For
Accounting Principles
ISBN: 978-1118342190
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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