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Required information M4-14 through M4-17 (Static) Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance Sheet and Recording Closing Journal Entries
Required information
M4-14 through M4-17 (Static) Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance Sheet and Recording Closing Journal Entries [LO 4-4, LO 4-5]
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[The following information applies to the questions displayed below.] The Sky Blue Corporation has the following adjusted trial balance at December 31.
Debit | Credit | |
---|---|---|
Cash | $ 1,230 | |
Accounts Receivable | 2,000 | |
Prepaid Insurance | 2,300 | |
Notes Receivable (long-term) | 3,000 | |
Equipment | 12,000 | |
Accumulated Depreciation | $ 2,600 | |
Accounts Payable | 5,420 | |
Salaries and Wages Payable | 1,000 | |
Income Taxes Payable | 2,900 | |
Deferred Revenue | 600 | |
Common Stock | 2,400 | |
Retained Earnings | 1,000 | |
Dividends | 300 | |
Sales Revenue | 42,030 | |
Rent Revenue | 300 | |
Salaries and Wages Expense | 21,600 | |
Depreciation Expense | 1,300 | |
Utilities Expense | 4,220 | |
Insurance Expense | 1,400 | |
Rent Expense | 6,000 | |
Income Tax Expense | 2,900 | |
Total | $ 58,250 | $ 58,250 |
M4-15 (Static)
Required: Prepare a statement of retained earnings for the year.
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