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could you show how to get the beginning retained earnings and a balance sheet? Exercise 4-22 (Part Level Submission) The adjusted trial balance for Sandhill
could you show how to get the beginning retained earnings and a balance sheet?
Exercise 4-22 (Part Level Submission) The adjusted trial balance for Sandhill Co. is given below: SANDHILL CO. Trial Balance August 31, 2017 Before Adjustment Dr. Cr. $10,930 8,740 2,810 4,380 16,430 Cash Accounts Receivable After Adjustment Dr. Cr. $ 10,930 9,250 1,100 2,950 16,430 Supplies Prepaid Insurance Equipment Accumulated Depreciation -Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue $3,697 $4,897 5,170 0 2,180 13,210 5,960 Common Stock 5,170 1,280 1,400 13,210 5,960 Retained Earnings Dividends 2,680 2,680 Service Revenue 32,440 12,400 32,950 13,180 16,070 17,350 0 Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense 13,017 1,710 13,017 1,430 1,200 0 0 $75,057 $75,057 $78,047 $78,047 (a) Your answer is correct. Prepare the income statement for the year ended August 31. SANDHILL CO. Income Statement For the Year Ended August 31, 2017 Revenues Service Revenue 32,950 Rent Revenue 13,180 Total Revenues 46,130 Expenses Salaries and Wages Expense 17,350 Supplies Expense 1,710 Rent Expense 13,017 Insurance Expense 1,430 Depreciation Expense 1,200 Total Expenses 34,707 Net Income / (Loss) 11,423 Click if you would like to show Work for this question: Open Show Work (b) Prepare the retained earnings statements for the year ended August 31. (List items that increase retained earnings first.) SANDHILL CO. Retained Earnings Statement For the Year Ended August 31, 2017 Retained Earnings, September 1, 2016 V Add v Net Income / (Loss) 11,423 Less V Dividends 2,680 Retained Earnings, August 31, 2017 $ Click if you would like to show Work for this question: Open Show WorkStep by Step Solution
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