Please Make the income statement and retained earning for the year
Additional information: 1. Salaries and wages expense is 70% selling and 30% administrative. 2. Rent expense and utilities expense are 80% selling and 20% administrative. 3. (30,000 of notes payable are due for payment next year. 4. Maintenance and repairs expense is 100% administrative. 4. Maintenance and repairs expense is 100% administrative. Instructions: Prepare an: 1. income statement 2. Retained earnings statement for the yearParagraph Notes Payable .. Styles Accounts Payable. 51,000 48,500 Share Capital-Ordinary 90,000 Retained Earnings ....... 8,000 Sales Revenue ....... 757,200 Sales Returns and Allowances ........... 4,200 Cost of Goods Sold. 495,400 Salaries Expense ........ 140,000 Advertising Expense .. 26,400 Utilities Expense ........ 14,000 Maintenance and Repairs Expense 12, 100 Delivery Expense .................."." 16,700 Rent Expense ......... 24,000 Supplies Expense .. 4,000 Depreciation Expense-Equipment. 15,000 Interest Expense .. 11,000 Interest Payable 11,000 Totals ............ (1,004,700 E1,004,700A) The adjusted Trail Balance of Saudi Gold Co Contained the following accounts at November 30, the end of the company's fiscal year: Saudi Gold Co. Adjusted Trial Balance November 30, 2019 Dr. Cr. Cash ................". Sr 28,700 Accounts Receivable.. 33,700 Inventory .. 45,000 Supplies .. 1,500 Equipment ........ 133,000 Accumulated Depreciation-Equipment ... Sr 39,000 Notes Payable ......... 51,000 Accounts Payable .. 48,500 Share Capital-Ordinary 90,000 Retained Earnings ...... 8,000 Sales Revenue ...... 757,200 Sales Returns and Allowances ....... 4,200 Cost of Goods Sold . 495,400 Salaries Expense .......... 140,000 Advertising Expense .. 26,400 Utilities Expense ......... 14,000 Maintenance and Repairs Expense... 12, 100 Delivery Expense ...... 16,700A) The adjusted Trail Balance of Saudi Gold Co Contained the following accounts at Additional information: November 30, the end of the company's fiscal year: 1. Salaries and wages expense is 70% selling and 30% administrative. 2. Rent expense and utilities expense are 80% selling and Saudi Gold Co. 20% administrative. 3. 630,000 of notes payable are due for payment next Adjusted Trial Balance year. 4. Maintenance and repairs expense is 100% November 30, 2019 administrative. 4. Maintenance and repairs expense is 100% Dr. Cr. administrative. Cash........... Sr 28,700 Accounts Receivable 33,700 Instructions: Inventory .... 45,000 Prepare an: Supplies..... 1,500 1. income statement Equipment..... 133,000 2. Retained earnings statement for the year Accumulated Depreciation-Equipment... Sr 39,000 Notes Payable ...... 51,000 Accounts Payable.... 48,500 Share Capital-Ordinary .. 90,000 Retained Earnings. 8,000 Sales Revenue ....... 757,200 Sales Returns and Allowances..... 4,200 Cost of Goods Sold. 495,400 Salaries Expense .. 140,000 Advertising Expense. 26,400 Utilities Expense.... 14,000 Maintenance and Repairs Expense 12,100 Delivery Expense.. 16,700 Rent Expense... 24,000 Supplies Expense..... 4,000 Depreciation Expense-Equipment............ 15,000 Interest Expense..... 11,000 Interest Payable .... 11,000 Totals ...... C1,004,700 C1,004,700
