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January Below are account balances for the Madrid Company for the eight month period ending August 31, 2015. $5,000 of the mortgage payable will be
January Below are account balances for the Madrid Company for the eight month period ending August 31, 2015. $5,000 of the mortgage payable will be paid on J 15, 2016; the remainder will be paid on December 15, 2016. Notes payable will be paid in a single payment on January 12, 2025. Prepare an income statement, retained earnings statement and a classified balance sheet. 9,000 Bonds Payable 60,000 Cost of Goods Sold Dividend Income 1,000 Trademarks 6,500 1,500 Inventory 8,000 Interest Expense Unearned Revenue 2,000 Service Revenue 8,000 Interest Income 2,000 Depreciation Expense 8,000 Supplies Expense 2,000 Copyrights 10,000 Prepaid Insurance 3,000 Salary Payable 10,000 Real Estate held for Accumulated Depreciation 30,000 Investment 12,000 Rent Expense 3,000 Retained Earnings-1/1/2015 12,000 Supplies 4,000 Investment in Leo Company 15,000 Accounts Payable 4,000 Land 30,000 Dividends 4,000 Sales Revenue 30,000 Notes Payable 3,000 Buildings 100,000 Cash 72,000 Mortgage Payable 50,000 Salary Expense 4,000 Common Stock 80,000
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