Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please prepare the income statement, retained earnings statement, and balance sheet. Thank you so much. Wonderama Playgrounds, Inc. Trial Balance January 31, 2020 Account Name
Please prepare the income statement, retained earnings statement, and balance sheet. Thank you so much.
Wonderama Playgrounds, Inc. | ||
Trial Balance | ||
January 31, 2020 | ||
Account Name | Debit | Credit |
Cash | 234,403.56 | |
Accounts Receivable | 188,122.95 | |
Allowance for Doubtful Accounts | 3,318.00 | |
Prepaid Insurance | 8,460.00 | |
Office Supplies | 1,670.00 | |
Inventory: Raw Materials | 45,855.41 | |
Inventory: Work in Process | 39,104.25 | |
Inventory: Finished Goods | 36,230.72 | |
Inventory: Factory Overhead | ||
Office Equipment | 63,259.00 | |
Accumulated Depreciation-Office Equip | 21,017.19 | |
Factory Equipment | 250,822.00 | |
Accumulated Depreciation-Factory Equip | 101,936.56 | |
Patents | 12,733.76 | |
Accounts Payable | 32,426.77 | |
Income Tax Payable | 37,512.96 | |
Salaries Payable | 38,633.00 | |
Common Stock | 275,000.00 | |
PIC in Excess of Par - Common Stock | 55,000.00 | |
Retained Earnings | 239,896.11 | |
Sales | 301,646.62 | |
Sales Discounts | 2,795.25 | |
Cost of Goods Sold | 213,370.31 | |
Advertising Expense | 1,363.00 | |
Depreciation Expense-Office Equip | 380.00 | |
Utility Expense | 790.00 | |
Insurance Expense | 235.00 | |
Office Supplies Expense | 2,542.00 | |
Rent Expense | 4,250.00 | |
1,106,387.21 | 1,106,387.21 |
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