Prepare an income statement.

prepare Statement of retained earnings.

prepare a balance sheet

Required information [The following information applies to the questions displayed below] Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Incorporated) on January 1 , 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021, follows (amounts are roundec to thousands of dollars to simplify): Transactions during 2021 (summarized in thousands of dollars) follow: a. Borrowed $21 cash on July 1.2021 signing a six-month note payable. b. Purchased equipment for $18 cash on July 2 c. lssued additional shares of common stock on July 3 for $5 d. Purchased additional equipment on August 4. $3 cash. e Purchased, on account, supplies on September 5 for future use, $10 f On December 6 , recorded revenues in the amount of $65, including $9 on credit and $56 recelved in cash. 9 Paid salaries and wages expenses on December 7,$35. h. Collected accounts recervable on December 8,58 , 1. Paid accounts payable on December 9,$11 1. Received a $3 deposit on December 10 for work to start January 15.2022. Transactions during 2021 (summarized in thousands of dollars) follow: a. Borrowed $21 cash on July 1,2021 , signing a six-month note payable. b. Purchased equipment for $18 cash on July 2 . c. Issued additional shares of common stock on July 3 for $5. d. Purchased additional equipment on August 4.$3 cash. e. Purchased, on account, supplies on September 5 for future use, $10. fon December 6 , recorded revenues in the amount of $65, including $9 on credit and $56 received in cash. 9. Paid salaries and wages expenses on December 7,$35. h. Collected accounts receivable on December 8,$8. i. Paid accounts payable on December 9.$11. J Received a $3 deposit on December 10 for work to start January 15,2022 Data for adjusting joumal entries on December 31 : K. Amortization for 2021. \$3. 1. Supplies of $4 were counted on December 31,2021 m Depreciation for 2021, $2 n Accrued interest on notes payable of $1. o. Salaries and wages earned but not yet paid, \$3. p income tax for 2021 was $4 and will be paid in 2022 6-0. Prepare an income statement. 6-b. Prepare statement of retained eamings: 6-c. Prepare a balance sheet. Complete this question by entering your answers in the tabs below. Required information Prepare a balance sheet. (Amounts to be deducted should be indicated by a minus signi. Enter your answers in thousands of dollars Complete this question by entering your answers in the tab Prepare statement of retained earnings. (Enter your answers in tho Prepare an income statement. (Enter your answers in thousands of dollars Required information [The following information applies to the questions displayed below] Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Incorporated) on January 1 , 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021, follows (amounts are roundec to thousands of dollars to simplify): Transactions during 2021 (summarized in thousands of dollars) follow: a. Borrowed $21 cash on July 1.2021 signing a six-month note payable. b. Purchased equipment for $18 cash on July 2 c. lssued additional shares of common stock on July 3 for $5 d. Purchased additional equipment on August 4. $3 cash. e Purchased, on account, supplies on September 5 for future use, $10 f On December 6 , recorded revenues in the amount of $65, including $9 on credit and $56 recelved in cash. 9 Paid salaries and wages expenses on December 7,$35. h. Collected accounts recervable on December 8,58 , 1. Paid accounts payable on December 9,$11 1. Received a $3 deposit on December 10 for work to start January 15.2022. Transactions during 2021 (summarized in thousands of dollars) follow: a. Borrowed $21 cash on July 1,2021 , signing a six-month note payable. b. Purchased equipment for $18 cash on July 2 . c. Issued additional shares of common stock on July 3 for $5. d. Purchased additional equipment on August 4.$3 cash. e. Purchased, on account, supplies on September 5 for future use, $10. fon December 6 , recorded revenues in the amount of $65, including $9 on credit and $56 received in cash. 9. Paid salaries and wages expenses on December 7,$35. h. Collected accounts receivable on December 8,$8. i. Paid accounts payable on December 9.$11. J Received a $3 deposit on December 10 for work to start January 15,2022 Data for adjusting joumal entries on December 31 : K. Amortization for 2021. \$3. 1. Supplies of $4 were counted on December 31,2021 m Depreciation for 2021, $2 n Accrued interest on notes payable of $1. o. Salaries and wages earned but not yet paid, \$3. p income tax for 2021 was $4 and will be paid in 2022 6-0. Prepare an income statement. 6-b. Prepare statement of retained eamings: 6-c. Prepare a balance sheet. Complete this question by entering your answers in the tabs below. Required information Prepare a balance sheet. (Amounts to be deducted should be indicated by a minus signi. Enter your answers in thousands of dollars Complete this question by entering your answers in the tab Prepare statement of retained earnings. (Enter your answers in tho Prepare an income statement. (Enter your answers in thousands of dollars