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 transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image 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 $ 28, eee Accumulated depreciation-Buildings 4,200 Accounts receivable 840 Utilities expense 1e, eee Interest payable 2,100 Unearned revenue 44, eee Supplies expense 9, 2ee Buildings 3,500 Dividends 23,600 Depreciation expense-Buildings 103,200 Supplies 105,000 $ 32, eee 7,400 3, eee 780 1,650 540 210, eee 11,500 10, see 1,650 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 $103,200 on December 31 of the prior year. Complete this question by entering your answers in the tabs below. Income Statement Statement of Retained Earnings Balance Sheet Statement of 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 Statement of Income Retained Statement Balance Sheet Earnings Prepare the statement of retained earnings for the year ended December 31. The Retained $103,200 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 $ 0 STARK COMPANY Balance Sheet December 31 Assets S Total assets $ 0 Liabilities Total liabilities 0 Equity Total equity Total liabilities and equity 0 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

Automotive Process Audits Preparations And Tools Practical Quality Of The Future

Authors: D. H. Stamatis

1st Edition

036775939X, 978-0367759391

More Books

Students also viewed these Accounting questions