QUESTION 1 Prepare a formal Statement of Retained Earnings for Purple Co. for the year ended December 31, 2020, Net Income from Income Statement FYE December 31, 2020 Service Revenue from Income Statement FYE December 31, 2020 Dividends From Adjusted Trial Balance December 31, 2020 Unearned Revenue from Adjusted Tdal Balance December 31, 2020 Retained Earnings From Post Closing Trial Balance, January 1, 2020 Cash from Adjusted Trial Balance December 31, 2020 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B 1 U Paragraph Arial $25,000 $86,000 $7,500 $6,000 $45,000 $52,400 > 14px P Prepare the required adjusting entries for the following: a. Harvest work performed but not yet billed for. The amount for this unbilled work is $86,000. b. $7,500 of prepaid insurance was used and needs to be accounted for. C. Some harvest work was paid in advance and posted as Unearned Revenue. Amount earned as of December 31 is $15,000. d. Harvest supplies need to be expensed in the amount of $4,500 e. Harvest Equipment must be depreciated and the expense for that is $9,500. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 /Mart QUESTION 4 10 points The following selected accounts and their balances are based on the ledger balances after adjusting entries for Valentine Inc. for tho year ending December 31, 2020. Use the necessary accounts and balances to prepare an Income Statement, in good form, in the space below. Account Name Balance Service Revenue $33,000 Uneamed Revenue $1,100 Accounts Receivable $3,500 Utilities Expense $2.600 Interest Expense $125 Rent Payable $300 Miscellaneous Expense $1,150 Salaries Expense $12,000 Cash 18,600 Rent Expense 56,000 For the toolbar, press ALT+F10 (PC) or ALTFN+F10 (Mac). BIVS Paragraph Arial 14px iii A 2 TX Using the following information, prepare the Classified Balance Sheet for Green Company as of July 31, 2020. (You may not need to use all the accounts listed.) Building Uncamed Revenue 200,000 4,500 Notes Payable - Long Term 15,000 Accumulated Depreciation Building 50,000 Office Supplies Retained Earnings 1,000 $127,000 10,000 Dividends Depreciation Expense-Building 10,000 15,000 6,300 Transportation Expense Prepaid Insurance 6,000 30,000 Common Stock Accounts Payable 3,000 Accounts Receivable 7,500 Svend Sum Use the following Adjusted Trial Balance to journalize all the necessary Closing Entries in the space below. Harvest Industries Adjusted Trial Balance 31-Dec-18 Account Debit Credit Cash $ 30,000 Account Receivable 10,000 Harvest Supplies 2,500 Prepaid Insurance 1,000 Equipment 500,000 Account Payable $ 5,000 Common Stock 100.000 Save A www vyuo Account Payable $ 5,000 Common Stock 100,000 Retained Earnings 431,000 Dividends 60,000 Harvest Revenue 250,000 Harvest Expense 50,000 Wage Expense 75,000 Rent Expense 25,000 Interest Expense 5,000 Repairs Expense 27,500 Totals $ 786,000 $ 786,000 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BI V S Paragraph Arial III 14px
