64 Accounting for Financial and Manc PROBLEM INCOME STATEMENT, RETAINED EARNINGS AND BALANCE SHEET The trial balance of Griha Shova Company contained the following accounts at the end of the company's fiscal year 2017. Trial Balance December 31, 2017 Griha Shova Company Debit (Rs.) 33,400 Account Titles 37,600 90,000 Cash Accounts receivable. 92,000 Merchandise inventory 197,000 Land.... Buildings...... 83,500 Accumulated depreciation - buildings. Equipment Accumulated depreciation-equipmen Notes payable........ Accounts payable Common stock Dividends. Sales........ Sales discount...... Cost of goods sold... Salaries expense.. Utilities expense Repair expense Gas and oil expense..... Insurance expense Other information: Salaries are 80% selling and 20% administrative. Decembe Credit (Rs.) 54,000 42,400 50,000 Othe Commor Rent from Fixed as Investm Cash.... Rent ex Accumu Note p Retain Accou Others Adver Comm Tota Addi T 10,000 200,000 37,500 " T 1 4,600 902,100 Rea 709,000 1. 69,800 2. 9,400 3. 6,800 7,200 3,500 PROBLE T 3 Utilities expense, repair expense, and insurance expense are 100% administrative. a. b. C. Rs. 15,000 of the notes payable are payable next year. d. Retained earnings at the beginning was Rs. 67,800. e. Gas and oil expense is a selling expense. Required Income statement, Retained earnings statement and Balance sheet at December 31, 2017. Ans: Net income Rs. 91,800; R/E Rs. 149,600: B/S Rs. 431