These items are taken from the financial statements of Tresh Corporation for 2014. Retained earnings (beginning of
Question:
These items are taken from the financial statements of Tresh Corporation for 2014.
Retained earnings (beginning of year)... $31,000
Utilities expense........... 2,000
Equipment.............. 66,000
Accounts payable........... 18,300
Cash............... 10,100
Salaries and wages payable...... 3,000
Common stock........... 12,000
Dividends.............. 12,000
Service revenue........... 68,000
Prepaid insurance.......... 3,500
Maintenance and repairs expense.... 1,800
Depreciation expense......... 3,600
Accounts receivable........... 11,700
Insurance expense........... 2,200
Salaries and wages expense...... 37,000
Accumulated depreciation—equipment.. 17,600
Instructions
Prepare an income statement, a retained earnings statement, and a classified balance sheet as of December 31, 2014.
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... 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... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Step by Step Answer:
Accounting Tools for Business Decision Making
ISBN: 978-1118128169
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso