Prepare the classified balance sheet in report form as of December 31, 2018. Begin by preparing the asset section of the balance sheet and then
Prepare the classified balance sheet in report form as of December 31, 2018.
Begin by preparing the asset section of the balance sheet and then prepare the liabilities andstockholders' equity sections.
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Retained Earnings. December 31, 2018 S 11.260 Prepare the classified balance sheet in report form as of December 31, 2018. Begin by preparing the asset section of the balance sheet and then prepare the liabilities and stockholders' equity sections. Review the Balance Sheet columns of the worksheet completed in Requirement 5. Waverly's Quality Automotive Balance Sheet December 31, 2018 Assets Less: (10) (12) Liabilities (16) (17) (18) (20) Stockholders' Equity (22) 1123) 125 21,700 Review the Income Statement columns of the worksheet completed in Requirement 5. Waverly's Quality Automotive Income Statement Month Ended December 31, 2018 Revenues Service Revenue $ Expenses Salaries Expense 3.900 Advertising Expense Rent Expense Supplies Expense Insurance Expense Utilities Expense Depreciation Expense-Equipment Interest Expense Total Expenses 7.440 $ 14,260 Net Income (Loss) Prepare the statement of retained earnings. Enter any increases in retained earnings before the subtotal and any decre Review the Balance Sheet columns of the worksheet completed in Requirement 5. Waverly's Quality Automotive Statement of Retained Earnings Month Ended December 31, 2018 Retained Earnings. December 1, 2018 Net income for the month 14260 $ 14,260 Dividends 13.000 $ 11,260 Retained Earnings. December 31, 2018 Prepare the classified balance sheet in report form as of December 31, 2018. Begin by preparing the asset section of Review the Balance Sheet columns of the worksheet completed in Requirement 5. Waverly's Quality Automotive Balance Sheet December 31, 2018 Assets (25) O Long-term Liabilities: Current Assets: Property. Plant, and Equipment: Current Liabilities: Revenues: Expenses: Total Assets Total Liabilities and Stockholders' Equity Total Property, plant, and Equipment Total Stockholders' Equity Total Current Assets Total Current Liabilities Total Expenses Total Liabilities Dividends Equipment Income Summary Insurance Expense (26) Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Interest Expense Office Supplies Interest Payable Prepaid Insurance Land Rent Expense Notes Payable Retained Earnings Advertising Expense Cash Common Stock Depreciation Expense-Equipment Salaries Expense Utilities Expense Service Revenue Utilities Payable Supplies Expense Unearned Revenue Waverly's Quality Automotive Worksheet (Partial) December 31, 2018 Balance Sheet Account Title Debit Credit 51,180 3,700 2,500 1,050 28,000 14,400 Cash Accounts Receivable Office Supplies Prepaid Insurance Land Equipment Accumulated Depr.-Equip. Accounts Payable Utilities Payable Interest Payable Unearned Revenue Notes Payable Common Stock 240 2,600 300 1,380 25,000 60,000 Dividends 3,000 Service Revenue Salaries Expense Rent Expense Utilities Expense Advertising Expense Supplies Expense Insurance Expense Interest Expense Depr. Expense-Equip $ 103,830S 89,570 14,260 Net income $ 103,830 $ 103,830
