{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T05:37:51-04:00", "answer_date": "2024-06-28 05:37:51", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4246876", "url": "\/study-help\/questions\/1-prepare-an-income-statement-and-statement-of-retained-earnings-4246876", "question_creation_date_js": "2024-06-28T05:37:51-04:00", "question_creation_date": "Jun 28, 2024 05:37 AM", "meta_title": "[Solved] 1. Prepare an income statement and statem | SolutionInn", "meta_description": "Answer of - 1. Prepare an income statement and statement of retained earnings for the year ended December, 31, 2019. 2. Also prepa | SolutionInn", "meta_keywords": "1,prepare,income,statement,retained,earnings,year,ended,december,31,2019,2", "question_title_h1": "1. Prepare an income statement and statement of retained earnings for the year ended December, 31, 2019. 2. Also prepare the company's balance sheet dated", "question_title": "1. Prepare an income statement and statement of retained earnings for the", "question_title_for_js_snippet": "1 Prepare an income statement and statement of retained earnings for the year ended December, 31, 2019 2 Also prepare the company's balance sheet dated December 31, 2019 3 Prepare the necessary year end closing entries ADJUSTED TRIAL BALANCE DECEMBER 31, 2019 S no Particulars Cr 01 Cash $70,000 02 Prepaid rent 3000 03 Accounts receivable 6800 04 Supplies 1075 05 Unexpired insurance 12000 96 Distribution Trucks 150000 07 Accumulated depreciation Distribution trucks 120000 08 Manufacturing equipments 20000 09 Accumulated depreciation Manufacturing equipment 12000 10 Unearned revenue 2900 11 Income taxes payable 10050 12 Interest payable 150 13 Salaries payable 2900 14 Notes payable 55000 15 Accounts payable 12975 16 Capital stock 50000 17 Retained earnings 30000 Dividends 7000 19 Revenue cared 170000 20 Income taxes expense 6000 21 Interest expense 3000 22 Miscellaneous expense 6500 23 Repair and maintenance expense 3000 24 Depreciation expense Manufacturing equipment 4000 25 Depreciation expense Distribution trucks 30000 26 Salary expense 70000 27 Supplies expense $200 28 Office rent expense 36000 29 Insurance expense 32400", "question_description": "

1. Prepare an income statement and statement of retained earnings for the year ended December,<\/p>

31, 2019.<\/p>

2. Also prepare the company's balance sheet dated December 31, 2019.<\/p>

3. Prepare the necessary year-end closing entries.<\/p>

<\/p>

<\/p>

\"image<\/div><\/div><\/div> ADJUSTED TRIAL BALANCE DECEMBER 31, 2019 S. no Particulars Cr 01 Cash $70,000 02 Prepaid rent 3000 03 Accounts receivable 6800 04 Supplies 1075 05 Unexpired insurance 12000 96 Distribution Trucks 150000 07 Accumulated depreciation: Distribution trucks 120000 08 Manufacturing equipments 20000 09 Accumulated depreciation: Manufacturing equipment 12000 10 Unearned revenue 2900 11 Income taxes payable 10050 12 Interest payable 150 13 Salaries payable 2900 14 Notes payable 55000 15 Accounts payable 12975 16 Capital stock 50000 17 Retained earnings 30000 Dividends 7000 19 Revenue cared 170000 20 Income taxes expense 6000 21 Interest expense 3000 22 Miscellaneous expense 6500 23 Repair and maintenance expense 3000 24 Depreciation expense; Manufacturing equipment 4000 25 Depreciation expense: Distribution trucks 30000 26 Salary expense 70000 27 Supplies expense $200 28 Office rent expense 36000 29 Insurance expense 32400", "transcribed_text": "", "related_book": { "title": "Entrepreneurial Finance", "isbn": "1305968352, 978-1337635653, 978-1305968356", "edition": "6th edition", "authors": "J. Chris Leach, Ronald W. Melicher", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1482.jpg", "uri": "\/textbooks\/entrepreneurial-finance-6th-edition-1482", "see_more_uri": "" }, "free_related_book": { "isbn": "1541214870", "uri": "\/textbooks\/idea-hacks-come-up-with-10x-more-creative-ideas-in-1-2-the-time-1st-edition-978-1541214873-270489", "name": "Idea Hacks Come Up With 10x More Creative Ideas In 1\/2 The Time", "edition": "1st Edition" }, "question_posted": "2024-06-28 05:37:51", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/list-and-briefly-describe-the-set-of-activities-that-must", "description": "List and briefly describe the set of activities that must be performed by the sales- ordering module of an ERP system to capture a customer sales order.", "stars": 3.5 }, { "url": "\/study-help\/biostatistics\/in-the-birth-weight-data-set-the-variable-race-is-1981419", "description": "In the Birth Weight data set the variable Race is a categorical variable that takes on the values 1, 2 and 3. 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