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Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31, 2019, and includes all of Rogers' financial statement amounts
Income Statement and Balance Sheet
The following information for Rogers Enterprises is available at December 31, 2019, and includes all of Rogers' financial statement amounts except retained earnings:
Accounts receivable | $72,920 |
Cash | 13,240 |
Common stock (10,000 shares) | 71,100 |
Income taxes expense | 13,200 |
Income taxes payable | 4,150 |
Interest expense | 16,300 |
Notes payable (due in 10 years) | 25,000 |
Prepaid rent (building) | 31,500 |
Property, plant, and equipment | 90,000 |
Rent expense | 135,000 |
Retained earnings | ? |
Salaries expense | 235,200 |
Salaries payable | 14,530 |
Service revenue | 464,000 |
Supplies | 41,800 |
Supplies expense | 32,400 |
Required:
Prepare a single-step income statement for the year ending December 31, 2019, for Rogers.
Rogers Enterprises | ||
Income Statement | ||
For the Year Ended December 31, 2019 | ||
Revenues: | ||
$ | ||
Expenses: | ||
$ | ||
Net income | $ |
Prepare a classified balance sheet for the year ending December 31, 2019, for Rogers.
Rogers Enterprises | ||
Balance Sheet | ||
December 31, 2019 | ||
Assets | ||
Current assets: | ||
$ | ||
Total current assets | $ | |
Total assets | $ | |
Liabilities | ||
Current liabilities: | ||
$ | ||
Total current liabilities | $ | |
Long-term liabilities: | ||
Total liabilities | $ | |
Stockholders' Equity | ||
Stockholders' equity: | ||
$ | ||
Total stockholders' equity | ||
Total liabilities and stockholders' equity | $ |
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