The following information for Rogers Enterprises is available at December 31, 2009, and includes all of Rogers

Question:

The following information for Rogers Enterprises is available at December 31, 2009, and includes all of Rogers’ financial statement amounts except retained earnings:

Accounts receivable .............. $ 72,000

Cash .................... 15,000

Common stock (10,000 shares) ......... 70,000

Income tax expense ............. 6,000

Income tax payable ............. 4,000

Interest expense ............... 16,000

Notes payable (due in 10 years) ......... 25,000

Prepaid rent, building ............. 30,000

Property, plant, and equipment ......... 90,000

Rent expense ................ 135,000

Retained earnings ............... ?

Salaries expense .............. 235,000

Salaries payable ............... 15,000

Service revenue ............... $460,000

Supplies ................... 42,000

Supplies expense .............. 36,000

Required:

Prepare a single-step income statement and a classified balance sheet for the year ending December 31, 2009, for Rogers Enterprises.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...