Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me with preparing a statement of retained earnings for year ended December 31, 2018 Cash $ 277,253 $ 388,753 Accounts Receivable 724,500 175,000

Please help me with preparing a statement of retained earnings for year ended December 31, 2018

Cash $ 277,253 $ 388,753
Accounts Receivable 724,500 175,000
Less: Allowance for Doubtful Accounts (28,980) (4,600)
Marketable Securities 19,500 18,000
Inventory 30,600 100,000
Prepaid Rent 6,200 22,000
Prepaid Insurance 3,750 16,000
Supplies 450 3,600
Equipment 190,000 160,000
Less: Accumulated Depreciation Equipment (72,625) (41,500)
Delivery Truck 56,500 56,500
Less: Accumulated Depreciation Delivery Truck (24,764) (15,875)
Land 535,000 35,000
Patents (Net) 70,000 75,000
Accounts Payable 197,300 183,300
Salaries Payable 42,000 36,000
Payroll Taxes Payable 10,300 8,000
Interest Payable 7,667
Dividends Payable 15,000 40,000
Income Tax Payable 130,169 61,585
Note Payable - Short Term 471,640 71,640
Note Payable - Long Term 175,000 175,000
Bond Payable (net premium) 213,055 214,353
Common Stock $1 par 41,000 30,000
Paid in Capital - Common Stock 235,000 123,000
Retained Earnings 376,753 45,000
Less: Treasury Stock (net) (57,500)
Less: Unearned Compensation (70,000)

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

Internal Audit Quality Developing A Quality Assurance And Improvement Program

Authors: Sally-Anne Pitt

1st Edition

1118715519, 978-1118715512

More Books

Students also viewed these Accounting questions