Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Following are the accounts and balances (in random order) from the adjusted trial balance of Stark Company. Notes payable Prepaid insurance Interest expense Accounts payable

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Following are the accounts and balances (in random order) from the adjusted trial balance of Stark Company. Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Wages expense Insurance expense Common stock Retained earnings Services revenue $ 11,000 Accumulated depreciation-Buildings 2,500 Accounts receivable 500 Utilities expense 1,500 Interest payable 400 Unearned revenue 10,000 Supplies expense 7,500 Buildings 1,800 Dividends 10,000 Depreciation expense-Buildings 14,800 Supplies 20,000 $ 15,000 4,000 1,300 100 800 200 40,000 3,000 2,000 800 Prepare the (1) income statement and (2) statement of retained earnings for the year ended December 31 and (3) balance sheet at December 31. The Retained Earnings account balance was $14,800 on December 31 of the prior year. Income Retained Balance Sheet Statement Earnings Prepare the income statement for the year ended December 31. STARK COMPANY Income Statement For Year Ended December 31 Expenses Total expenses 0 $ 0 Income Statement of Retained Balance Sheet Statement Earnings Prepare the statement of retained earnings for the year ended D $14,800 on December 31 of the prior year. STARK COMPANY Statement of Retained Earnings For Year Ended December 31 Retained earnings, Dec. 31 prior year end 0 Retained earnings, Dec. 31 current year end $ GA 0 STARK COMPANY Balance Sheet December 31 Assets 0 0 Total assets $ Liabilities Total liabilities 0 Equity 0 Total equity Total liabilities and equity $ 0

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

Financial Accounting

Authors: Jill Collis

1st Edition

1137335882, 978-1137335883

More Books

Students also viewed these Accounting questions

Question

What penalty (if any) should Foster receive?

Answered: 1 week ago

Question

=+1. What is the schedule for this project?

Answered: 1 week ago