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Instructions Carolyn Company has prepared the following alphabetical adjusted trial balance on December 31, 2019, Carolyn Company ADJUSTED TRIAL BALANCE December 31, 2019 ACCOUNT TITLE CREDIT Accounts Payable 6,400.00 Accounts Receivable 5,700.00 19,000.00 11,000.00 Accumulated Depreciation: Buildings Accumulated Depreciation Equipment Additional Paid-in Capital Administrative Expenses 15,000.00 6,500.00 Allowance for Doubtful Accounts 42,000.00 Buildings Check My Work 1 more Check My Work uses remaining, Instructions Common Stock 4,000.00 Cash 5,000.00 Cost of Goods Sold 27,400.00 2,400.00 Dividends Equipment 22,000.00 14 Income Tax Expense 4,055,00 15 Income Taxes Payable 4,035.00 16 Interest Expense 650.00 Interest Payable 650.00 Inventory 10,800.00 15 land 6,800.00 10.0000 20 Notes Payable 2. Prepaid Insurance 1600.00 77 Rent Revenue 2.80000 14 500.00 21 Retained Eaming Chark Mu Work 1 more Check My Work uses rema eBook Calculator Instructions 24 Sales Revenue 54,900.00 9.700.00 15 Selling Expenses Uneared Rent 700.00 1,000.00 27 Wages Payable 28 Totals 144,585.00 144,585.00 For classification purposes: Common Stock $1 par (4,000 shares) Interest payable is due July 1, 2020 Notes payable are due July 1, 2023 Required: Prepare the following 2019 items in proper form for Carolyn 1. the income statement 2. the retained earnings statement Check My Work 1 more Check My Work uses remaining, Labels and Amount Descriptions Income Statement Instructions Chart of Accounts General Ledger REVENUE 61 Sales Revenue 62 Rent Revenue ASSETS 10 Cash 20 Accounts Receivable 21 Allowance for Doubtful Accounts 22 Inventory 23 Prepaid Insurance 31 Land 32 Buildings 33 Accumulated Depreciation: Buildings 34 Equipment 35 Accumulated Depreciation Equipment EXPENSES 71 Cost of Goods Sold 72 Selling Expenses 73 Administrative Expenses 81 Interest Expense 82 Income Tax Expense LIABILITIES 41. Accounts. Davable Check My Work 1 more Check My Work uses remaining Labels and Amount Descriptions Income Statement Instructions 25 Chart of Accounts LIABILMES 41 Accounts Payable 42 Income Taxes Payable 43 Interest Payable 44 Wages Payable 45 Unearned Rent 46 Notes Payable EQUITY 50 Common Stock 51 Additional Paid-in Capital 53 Retained Earnings 54 Dividends Check My Work 1 more Check My Work uses remaining NILUN Salement Labels and Amount Descriptions Labels Contributed Capital Current Assets Current Liabilities Long-term Liabilities Operating expenses Other items Property, Plant, and Equipment Amount Descriptions Dividends for 2019 Earnings per share Gross profit Income before income taxes Income from operations Net income Check My Work 1 more Check My Work uses remaining, Instructions Chart of Accounts Income Stateme Labels and Amount Descriptions Net income Net income for 2019 Net loss Net loss for 2019 Retained earnings, December 31, 2019 Retained earnings, January 1, 2019 Total Assets Total current assets Total current liabilities Total Liabilities Total Liabilities and Shareholders' Equity Total operating expenses Total property, plant, and equipment Total Shareholders' Equity Check My Work 1 more Check My Work uses remaining Income Statement CAROLYN COMPANY Income Statement For the Year Ended December 31, 2019 Habe Check My Work 1 more Check My Work uses remaining, Instructions Chart of AcountLabels and Amount Descriptions Income Statement Income Statement (Label) 16 Earnings per share (4,000 shares) Check My Work 1 more Check My Work uses remaining, Statement of Retained Earnings 2. Prepare the statement of retained earnings for 2019. Retained Eamings Instructions CAROLYN COMPANY Statement of Retained Earnings For the Year Ended December 31, 2019 Check My Work 1 more Check My Work uses remaining, Balance Sheet 3. Prepare the balance sheet at December 31, 2019. Balance Sheet Instructions CAROLYN COMPANY Balance Sheet December 31, 2019 Assets Label Check My Work 1 more Check My Work uses remaining, Instructions Chart of Accounts Labels and Amount Descriptions Income Statement Balance Sheet Assets Label) - 5 Balance Sheet Liabilities 18 (Label) ma check My Work uses remaining Instructions Chart of Account Income statement Balance Sheet (Label) Shareholders' Equity 29 (Label) Instructions Chart of Accounts Labels and Amount Descriptions Income Statement General Journal General Joumal Instructions PAGE 12 GENERAL JOURNAL ACCOUNT TITLE POST. REF CREDIT Closing Entries Check My Work 1 more Check My Work uses remaining General Journal Check My Work 1 more Check My Work uses remaining