Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help with preparing the Statement of Retained Earnings, thank you. Statement of Retained Earnings begin{tabular}{|l|l|l|} hline Account & multicolumn{1}{|c|}{ Amount } hline &
Please help with preparing the Statement of Retained Earnings, thank you.
Statement of Retained Earnings \begin{tabular}{|l|l|l|} \hline Account & \multicolumn{1}{|c|}{ Amount } \\ \hline & & \\ \hline+ & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Trial Balance \begin{tabular}{|l|l|c|c|} \hline Account Number & \multicolumn{1}{|c|}{ Account Name } & Debit & Credit \\ \hline 110 & Cash & 1,052,802 & \\ \hline 120 & Accounts Receivable & 888,000 & \\ \hline 125 & Accrued Revenue & 84,000 & \\ \hline 130 & Inventory & 26,000 & \\ \hline 140 & Prepaid Expenses & 36,000 & \\ \hline 150 & Equipment & 800,000 & \\ \hline 155 & Accumulated Depreciation & & 120,000 \\ \hline 210 & Accounts Payable & & 335,000 \\ \hline 215 & Accrued Expenses & & 45,000 \\ \hline 220 & Unearned Revenue & & 660,000 \\ \hline 300 & Common Stock & & 1,000,000 \\ \hline 305 & Retained Earnings & & \\ \hline 310 & Dividends & & \\ \hline 401 & Revenue & & \\ \hline 501 & Expenses & & \\ \hline 000 & TOTAL & & \\ \hline \end{tabular}Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started