Required information Req 6A Req 6B Req 6C Prepare an income statement. LAZY SOFA FURNITURE, INC. Income Statement in thousands) 0 Req 6A Req 6B Req 6C Prepare statement of retained earnings. LAZY SOFA FURNITURE, INC. Statement of Retained Earnings (in thousands) Balance, January 1, 2018 Balance, December 31, 2018 $ 0 Cequired information pare a balance sheet. (Amoubts to be deducted should be indicated by a minus sign.) LAZY SOFA FURNITURE, INC. Balance Sheet in thousands 9 The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (amounts to thousands of dollars to simplify). Account Titles Debit Credit Cash $.4 Accounts Receivable 5 Supplies 2 Equipment 7 Accumulated Depreciation $ Software Accumulated Amortization 3 Accounts Payable Notes Payable (long-term) Salaries and Wages Payable Interest Payable Income Tax Payable Deferred Revenue Common Stock 21 Retained Earnings Service Revenue Supplies Expense Depreciation Expense Salaries and Wages Expense Amortization Expense Interest Expense Income Tax Expense Totals $27 $ 27 00 OBO 5 e @ a e Saved Help Transactions during 2018 (summarized in thousands of dollars) follow: a Borrowed $19 cash on July 1, 2018, signing a six-month note payable b. Purchased equipment for $20 cash on July 2. c Issued additional shares of common stock on July 3 for $5 d. Purchased additional equipment on August 4. $3 cash e. Purchased, on account, supplies on September 5 for future use. $10 f On December 6, recorded revenues in the amount of $63, including $9 on credit and $54 received in cash. g. Paid salaries and wages expenses on December 7 $21 h. Collected accounts receivable on December 8, $8 Paid accounts payable on December 9, $11. J. Received a $3 deposit on December 10 for work to start January 15, 2019, Data for adjusting journal entries on December 31 k Amortization for 2018, $3. 1. Supplies of 54 were counted on December 31, 2018 m. Depreciation for 2018. $2 n Accrued interest on notes payable of $2 o Wages earned but not yet paid, $3 pincome tax for 2018 was $8 and will be paid in 2019, 6-a. Prepare an income statement. 6-b. Prepare statement of retained earnings. 6-c. Prepare a balance sheet. (For all requirements, enter your answers in thousands of dollars.) Complete this question by entering your answers in the tabs below. Req 6A Req 6B Reg 60 Prepare a balance sheet. (Amounts to be deducted should be indicated by a minus sign.) Che Allson and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Inc) on January 1, 2017 The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (amounts are rounded to thousands of dollars to simplify). Debit Credit $.4 5 2 7 $ 0 9 3 8 @ Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (long-term) Salaries and Wages Payable Interest Payable Income Tax Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Supplies Expense Depreciation Expense Salaries and Wages Expense Amortization Expense Interest Expense Income Tax Expense Totals 11 5 e $27 5.27
