G13 F E A B 7 8 D PARTY WAGON, INC. Income Statement For the Year Ended December 31, 2015 Revenues: Party revenue earned 9 10 11 12 13 14 15 16 17 18 19 Expenses: Insurance expense Office rent expense Supplies expense Salary expense Depreciation expense: van Depreciation expense: equipment & music Repair & maintenance expense Travel expense + Miscellaneous expense Interest expense Income before taxes Income taxes expense Net income 20 21 22 23 24 25 26 27 28 29 20 PARTY WAGON, INC. Statement of Retained Earnings For the Year Ended December 31, 2015 Retained earnings (1/1/15) Add: Net Income Less: Dividends Retained earnings (12/31/15) 1 IN Resit - 211 - upload Micro File Home Insert Page Layout Formulas Data Review View Foxit Reader PDF Cut Calibri 11 DE Wrap Text Ger Copy A - A Paste BIU-EB Merge & Center - Format Painter Clipboard Font Alignment G13 fx B E 44 D PARTY WAGON, INC. Balance Sheet December 31, 2015 45 46 47 48 49 50 51 52 53 Assets Cash Accounts receivable Unexpired insurance Prepaid rent Supplies Van Less: Accumulated depreciation: van Equipment & music Less: Accumulated depreciation: equipment & Total Assets 54 55 56 57 58 59 60 61 62 63 64 65 66 67 Liabilities Accounts payable Notes payable Salaries payable Interest payable Income taxes payable Unearned party revenue Total Liabilities Sheet2 Sheet1 Ready 13 o $ W e Resit - 211 - upload Microsoft Excel Product Foxit Reader PDF File Home Insert Page Layout Formulas Data Review View * Cut Calibri 11 - Wrap Text General Copy AN & A- Paste BIU Merge & Center $ - % Format Painter Clipboard Font Alignment Number G13 B D E F G H Total Liabilities 57 58 59 70 Stockholders' Equity Capital stock Retained earnings Total Stockholders' Equity 71 72 73 74 Total Liabilities and Stockholders' Equity 75 76 77 G13 D E F PROBLEM 5.1A PARTY WAGON (concluded) b. 5 PARTY WAGON, INC. General Journal December 31, 2015 (1) 31 Party Revenue Earned Income Summary To close Party Revenue Earned. 6 Dec. 8 59 20 21 92 93 94 95 (2) 31 Income Summary Insurance Expense Office Rent Expense Supplies Expense Salaries Expense Depreciation Expense: Van Depreciation Expense: Equip. Music Repair & Maintenance Expense Sheet2 96 97 98 14 Sheet1 Ready o d Calibri 11 T- Wrap Text * Cut Copy" BI UB DA. EEEEE Paste Merge & Center Format Painter Clipboard Font Alignment G13 F B E 97 98 99 D Depreciation Expense: Equip. & Music Repair & Maintenance Expense Travel Expense Miscellaneous Expense Interest Expense Income Taxes Expense To close all expense accounts. 100 101 102 103 104 105 106 107 (3) 31 Income Summary Retained Earnings To transfer net income earned in 2015 to Retained Earnings account ($130,000. $7,000). 108 109 110 111 112 113 114 115 116 117 (4) 31 Retained Earnings Dividends To transfer dividends declared in 2015 to Retained Earnings account. 118 119 G13 F E A B 7 8 D PARTY WAGON, INC. Income Statement For the Year Ended December 31, 2015 Revenues: Party revenue earned 9 10 11 12 13 14 15 16 17 18 19 Expenses: Insurance expense Office rent expense Supplies expense Salary expense Depreciation expense: van Depreciation expense: equipment & music Repair & maintenance expense Travel expense + Miscellaneous expense Interest expense Income before taxes Income taxes expense Net income 20 21 22 23 24 25 26 27 28 29 20 PARTY WAGON, INC. Statement of Retained Earnings For the Year Ended December 31, 2015 Retained earnings (1/1/15) Add: Net Income Less: Dividends Retained earnings (12/31/15) 1 IN Resit - 211 - upload Micro File Home Insert Page Layout Formulas Data Review View Foxit Reader PDF Cut Calibri 11 DE Wrap Text Ger Copy A - A Paste BIU-EB Merge & Center - Format Painter Clipboard Font Alignment G13 fx B E 44 D PARTY WAGON, INC. Balance Sheet December 31, 2015 45 46 47 48 49 50 51 52 53 Assets Cash Accounts receivable Unexpired insurance Prepaid rent Supplies Van Less: Accumulated depreciation: van Equipment & music Less: Accumulated depreciation: equipment & Total Assets 54 55 56 57 58 59 60 61 62 63 64 65 66 67 Liabilities Accounts payable Notes payable Salaries payable Interest payable Income taxes payable Unearned party revenue Total Liabilities Sheet2 Sheet1 Ready 13 o $ W e Resit - 211 - upload Microsoft Excel Product Foxit Reader PDF File Home Insert Page Layout Formulas Data Review View * Cut Calibri 11 - Wrap Text General Copy AN & A- Paste BIU Merge & Center $ - % Format Painter Clipboard Font Alignment Number G13 B D E F G H Total Liabilities 57 58 59 70 Stockholders' Equity Capital stock Retained earnings Total Stockholders' Equity 71 72 73 74 Total Liabilities and Stockholders' Equity 75 76 77 G13 D E F PROBLEM 5.1A PARTY WAGON (concluded) b. 5 PARTY WAGON, INC. General Journal December 31, 2015 (1) 31 Party Revenue Earned Income Summary To close Party Revenue Earned. 6 Dec. 8 59 20 21 92 93 94 95 (2) 31 Income Summary Insurance Expense Office Rent Expense Supplies Expense Salaries Expense Depreciation Expense: Van Depreciation Expense: Equip. Music Repair & Maintenance Expense Sheet2 96 97 98 14 Sheet1 Ready o d Calibri 11 T- Wrap Text * Cut Copy" BI UB DA. EEEEE Paste Merge & Center Format Painter Clipboard Font Alignment G13 F B E 97 98 99 D Depreciation Expense: Equip. & Music Repair & Maintenance Expense Travel Expense Miscellaneous Expense Interest Expense Income Taxes Expense To close all expense accounts. 100 101 102 103 104 105 106 107 (3) 31 Income Summary Retained Earnings To transfer net income earned in 2015 to Retained Earnings account ($130,000. $7,000). 108 109 110 111 112 113 114 115 116 117 (4) 31 Retained Earnings Dividends To transfer dividends declared in 2015 to Retained Earnings account. 118 119
