Below are the financial accounts of Dodge Realty, Inc. The company has just completed its 10th year
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Below are the financial accounts of Dodge Realty, Inc. The company has just completed its 10th year of operations ended December 31, 20x8.
Required 1. Prepare the income statement, statement of retained earnings, and balance sheet for Dodge Realty, Inc.
2. User insight: The owners are considering expansion. What other statement would be useful to the owners in assessing whether the company’s operations are generating sufficient funds to support the expenses? Why would it be useful?
Preparation and Interpretation of Financial Statements
Transcribed Image Text:
Accounts Receivable Accounts Payable Cash $ 4,500 3,600 65,750 Commissions Expense 225,000 Commissions Payable 22,700 Commission Sales Revenue 450,000 Common Stock 15,000 Dividends 40,000 Equipment 59,900 Income Taxes Expense 38,850 Income Taxes Payable 13,000 Marketing Expense 29,200 Office Rent Expense 36,000 Retained Earnings, December 31, 20x7 35,300 Supplies 700 Supplies Expense 2,600 Telephone and Computer Expenses 5,100 Wages Expense 32,000
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