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Problem 1-60A (Algorithmic) Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31, 2019, and includes all of Rogers'
Problem 1-60A (Algorithmic) Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31, 2019, and includes all of Rogers' financial statement amounts except retained earnings: Accounts receivable $72,920 Cash 13,240 Common stock (10,000 shares) 65,500 Income taxes expense 12,500 Income taxes payable 4,150 Interest expense 16,300 25,000 Notes payable (due in 10 years) Prepaid rent (building) Property, plant, and equipment 31,500 90,000 Rent expense 135,000 Retained earnings ? Salaries expense 235,200 Salaries payable 14,330 Service revenue 463,000 Supplies 41,400 Supplies expense 34,300 Required: Prepare a single-step income statement for the year ending December 31, 2019, for Rogers. Rogers Enterprises Income Statement For the Year Ended December 31, 2019 Revenues: Expenses: Net income Prepare a classified balance sheet for the year ending December 31, 2019, for Rogers. Rogers Enterprises Balance Sheet December 31, 2019 Assets Current assets: Assets Current assets: Total current assets Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Stockholders' Equity Stockholders' equity: Total stockholders' equity Total liabilities and stockholders' equity
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