Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Create a statement of Retained earnings The following is a list of accounts of the Dienstag Company for the current year end (December 31, 2020.

image text in transcribedCreate a statement of Retained earnings

The following is a list of accounts of the Dienstag Company for the current year end (December 31, 2020. All of the accounts have normal balances. You are being asked to prepare an Income Statement, a statement of Retained Earnings and a classified Balance Sheet. Accounts Payable $48,000 Administrative Salary Expense $400,000 Accounts Receivable 32,000 64,000 Beginning Inventory Freight -In 56,000 48,000 Accumulated Depreciation - Building Freight-out Expense Allowance for Uncollectible Accounts 64,000 0,000 Ending Inventory Land 32,000 200,000 Land Held for Future Use Amortization Expense Bonds Payable Building 24,000 320,000 720,000 Purchases 280,000 440,000 568,000 Beginning Retained Earnings Cash Salaries Payable Common Stock Sales 56,000 400,000 120,000 56,000 40,000 25,600 16,000 1,600,000 400,000 80,000 Dividends Declared Depreciation Expense Copyright Income Taxes Payable Marketing Salary Expense Utility Expense Income Tax Expense 40%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Payroll Fraud Detection And Prevention Audit Expert System

Authors: Titus Oniyilo

1st Edition

136564345X, 978-1365643453

More Books

Students also viewed these Accounting questions

Question

politeness and modesty, as well as indirectness;

Answered: 1 week ago