Rupert Engineering Corp. is a private company reporting under ASPE. Its adjusted trial balance at its fiscal year end, March 31, 2024, is show

 

Instructions 

Prepare a multi-step income statement, statement of retained earnings, and balance sheet. 

Are there any differences between the Retained Earnings account for corporations and the owner’s capital account used for proprietorships?

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Cash Accounts receivable Supplies Equipment Accumulated depreciation-equipment Accounts payable Income tax payable Unearned revenue RUPERT ENGINEERING CORP. Adjusted Trial Balance March 31, 2024 Notes payable ($10,000 is due within the next year) Preferred shares ($3.75 cumulative, 500 issued) Common shares (35,000 issued) Retained earnings Cash dividends-preferred Cash dividends-common Consulting revenue Depreciation expense Income tax expense Interest expense Rent expense Salaries expense Supplies expense Debit $ 65,400 31,150 7,300 148,000 1,875 53,125 14,800 21,200 2,400 36,000 140,300 15,900 $537,450 Credit $ 29,600 14,200 1,900 2,500 40,000 18,750 50,000 65,000 315,500 $537,450