Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem #14 - 30 Points (FORMATTING IMPORTANT) The adjusted trial balance of Ryan Company appears below. Using the information from the adjusted trial balance, you

image text in transcribed
Problem #14 - 30 Points (FORMATTING IMPORTANT) The adjusted trial balance of Ryan Company appears below. Using the information from the adjusted trial balance, you are to prepare for the month ending December 31: 1. an income statement. a retained earnings statement. 3. a balance sheet. (You need to calculate the amount of cash) Trial Balance Debit Credit Cash $ 285,000 $ Accounts Receivable ? $ Allowance for Doubtful Accounts $ - $ Supplies $ 45,000 $ Prepaid Insurance 16,500 $ Equipment 178,500 $ - Accumulated Depreciation - Equipments $ 24,000 Notes Payable $ 150,000 Accounts Payable - $ 75,000 Interest Payable - $ 1,500 Unearned Service Revenue $ 24,000 Salaries & Wage Payable $ 18,000 Common Stock $ 300,000 Retained Earnings $ 125,000 Dividends 50,000 $ Service Revenue $ 318,000 Salaries & Wage Expense 138,000 $ Supplies Expense 45,000 $ Rent Expense 27,000 $ Insurance Expense 15,000 $ Interest Expense 1,500 $ Depreciation Expense 12,000 $ Bad Debt Expense 4,800 $ I es iseseisvesnis is esses es esasen

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting Concepts And Applications For Managerial Decision Making

Authors: Ralph S. Polimeni, James A. Cashin, Frank J. Fabozzi, Arthur H. Adelberg

2nd Edition

0070103100, 978-0070103108

More Books

Students also viewed these Accounting questions

Question

Explain the characteristics of a good system of control

Answered: 1 week ago

Question

State the importance of control

Answered: 1 week ago

Question

What are the functions of top management?

Answered: 1 week ago

Question

Bring out the limitations of planning.

Answered: 1 week ago

Question

Why are employees considering union representation?

Answered: 1 week ago

Question

What is the total annual turnover rate?

Answered: 1 week ago