Question
For the month ending on June 01, 2011. Prepare a classified balance sheet , a multi-step income statement and statement of retained earnings . Use
For the month ending on June 01, 2011. Prepare a classified balance sheet, a multi-step income statement and statement of retained earnings. Use good form and proper headings.
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| Account | Debit | Credit |
| Cash | $1200 |
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| Accounts receivable | 1,600 |
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| Inventory | 1,100 |
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| Land | 50,900 |
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| Buildings &equipment | 600 |
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| Prepaid Insurance | 10,125 |
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| Accounts payable |
| $2800 |
| Unearned revenue |
| 52,600 |
| Notes payable (long term) |
| 13,000 |
| Common Stock |
| 2,00 |
| Retained earnings |
| 600 |
| Sales |
| 145 |
| Cost of Goods Sold | 3,000 |
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| SG&A expense | 120 |
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| Interest expense | 220 |
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| Tax expense | 700 |
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| $69,345 | $69,345 |
| FFR Company |
| Income Statement |
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| FFR Company |
| Retained Earnings |
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| FFR Company |
| Balance Sheet |
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