Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

income statement,retained earning statement and balance sheet. please answer step by step with solution and not in excel sheets. Using the information below, prepare in

image text in transcribedincome statement,retained earning statement and balance sheet.

please answer step by step with solution and not in excel sheets.

Using the information below, prepare in good form the financial statements for the Radewicz, and Phillips Company for the year ended 12-31-19. SERVICE REVENUE $230,000 ADVERTISING EXPENSE $5,000 CASH 25,000 ACCOUNTS PAYABLE 12.000 RENT EXPENSE 13,000 DIVIDENDS 6,000 ACCOUNTS RECEIV. 22,000 NOTES PAY (due in 2 years) 18,000 COMMON STOCK 180.000 SALARIES EXPENSE 36,000 RETAINED EARN. (1-1) 14,000 MARKETABLE SECURITIES 11,000 LAND 92,000 BUILDINGS 200,000 INVENTORY 22,000 TAXES PAYABLE 8.000 ALLOW.BAD DEBTS (2.000) BAD DEBT EXPENSE 2,000 DEPRECIATION EXP. 4,000 PREFERRED STOCK 80,000 APIC 60,000 TREASURY STOCK _(6,000) COGS 100,000 ACCUMULATED DEPREC 20,000 INCOME STATEMENT RETAINED EARNINGS STATEMENT BALANCE SHEET

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

Organizational Behavior Improving Performance And Commitment In The Workplace

Authors: Jason Colquitt

8th Edition

126412435X, 9781264124350

More Books

Students also viewed these Accounting questions

Question

6. Creating: Creating something new by combining different ideas.

Answered: 1 week ago