Rupert Engineering Corp. is a private company reporting under ASPE. Its adjusted trial balance at its fiscal year end, March 31, 2021, is shown below:

Instructions

Prepare an income statement, statement of retained earnings, and balance sheet.

Taking It Further

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

Transcribed Image Text:

RUPERT ENGINEERING CORP. Adjusted Trial Balance March 31, 2021 Debit Credit $ 65,400 Cash Accounts receivable 31,150 Supplies Equipment Accumulated depreciation-equipment Accounts payable Income tax payable 7,300 148,000 $ 29,600 14,200 1,900 Unearned revenue 2,500 Notes payable ($10,000 is due within the next year) 40,000 Preferred shares ($3.75 cumulative, 500 issued) Common shares (35,000 issued) Retained earnings Cash dividends-preferred 18,750 50,000 65,000 1,875 Cash dividends-common 53,125 Consulting revenue Depreciation expense Income tax expense Interest expense 315,500 14,800 21,200 2,400 Rent expense Salaries expense Supplies expense 36,000 140,300 15,900 $537,450 $537,450