The account balances for the year ended December 31, 2018, for White, Inc., are listed next: (Click the icon to view the accounts.) Read the requirements. - X Data table Requirement 1. Prepare White, Inc.'s multistep income statement. White, Inc. Income Statement For the Year Ended December 31, 2018 $ 120,900 47,900 12,400 5,000 44,000 . 35,000 4,400 Sales revenue. . $ 415,000 Cost of goods sold Equipment.. 185,000 Accumulated depreciation, equipment. Accounts payable. 14,900 Unearned sales revenue. Estimated inventory returns 4,000 Prepaid rent.. Advertising expense 13,300 Office salaries expense (General) Interest expense 900 Accumulated depreciation, building Salaries payable 2,850 Utilities expense (General) Accounts receivable 8,800 Dividends. Building 125,000 Cash Estimated refund liability 5,500 Retained earnings, 12/31/2017 Common stock 20,000 Delivery expense... . Depreciation expense (General)... 13,000 Insurance expense (General) Inventory 22,000 Mortgage payable (long-term) Commission expense 31,500 Supplies 3,000 6,600 4,850 1,100 5,700 37,000 1,200 Print Done Next The account balances for the year ended December 31, 2018, for White, Inc., are listed next: (Click the icon to view the accounts.) Read the requirements. - X Data table Net income (loss) ) Requirement 2. Prepare White Industries, Inc.'s statement of retained earnings. White, Inc. , Statement of Retained Earnings For the Year Ended December 31, 2018 Add: Subtotal Less: Sales revenue. . $ 415,000 Cost of goods sold $ 120,900 Equipment. 185,000 Accumulated depreciation, equipment.. 47,900 Accounts payable. 14,900 Unearned sales revenue. 12,400 Estimated inventory returns 4,000 Prepaid rent... 5,000 Advertising expense. 13,300 Office salaries expense (General) 44,000 Interest expense. 900 Accumulated depreciation, building 35,000 Salaries payable 2,850 Utilities expense (General) 4,400 Accounts receivable 8,800 Dividends. 3,000 Building 125,000 Cash 6,600 Estimated refund liability 5,500 Retained earnings, 12/31/2017 4,850 Common stock..... 20,000 Delivery expense. 1,100 Depreciation expense (General) ... 13,000 Insurance expense (General) 5,700 Inventory 22,000 Mortgage payable (long-term) Commission expense 31,500 Supplies ... 1,200 Requirement 3. Prepare White Industries, Inc.'s classified balance sheet in report form. Start by completing the asset portion of the statement, and then complete the liabilities and stockholders' ed White, Inc. , Balance Sheet December 31, 2018 37,000 Assets Print Done Next The account balances for the year ended December 31, 2018, for White, Inc., are listed next: (Click the icon to view the accounts.) Read the requirements, Start by completing the asset portion of the statement, and then complete the liabilities and stockholders' ed Data table White, Inc. , Balance Sheet December 31, 2018 Assets Sales revenue. $ 415,000 Cost of goods sold $ 120,900 Equipment. 185,000 Accumulated depreciation, equipment.. 47,900 Accounts payable. 14.900 Unearned sales revenue. 12,400 Estimated inventory returns 4,000 Prepaid rent 5,000 Advertising expense 13,300 Office salaries expense (General) ..... 44,000 Interest expense. 900 Accumulated depreciation, building 35,000 Salaries payable. 2,850 Utilities expense (General) 4,400 Accounts receivable 8,800 Dividends. 3,000 Building 125,000 Cash 6,600 Estimated refund liability 5,500 Retained earnings, 12/31/2017 4,850 Common stock 20,000 Delivery expense.. 1,100 Depreciation expense (General)... 13,000 Insurance expense (General) 5,700 Inventory 22,000 Mortgage payable (long-term) 37,000 Commission expense 31,500 Supplies 1,200 Total assets Print Done Liabilities Next The account balances for the year ended December 31, 2018, for White, Inc., are listed next: (Click the icon to view the accounts.) Read the requirements. . - X Data table Total assets Liabilities Sales revenue. . $ 415,000 Cost of goods sold $ 120,900 Equipment. 185,000 Accumulated depreciation, equipment.. 47,900 Accounts payable. 14,900 Unearned sales revenue. 12,400 Estimated inventory returns 4,000 Prepaid rent... 5,000 Advertising expense. 13,300 Office salaries expense (General) 44,000 Interest expense. 900 Accumulated depreciation, building 35,000 Salaries payable. 2,850 Utilities expense (General) 4,400 Accounts receivable 8,800 Dividends. 3,000 Building 125,000 Cash 6,600 Estimated refund liability 5,500 Retained earnings, 12/31/2017 4,850 Common stock ..... 20,000 Delivery expense. 1,100 Depreciation expense (General) ... 13,000 Insurance expense (General) 5,700 Inventory 22,000 Mortgage payable (long-term) Commission expense 31,500 Supplies ... 1,200 Total liabilities 37,000 Stockholders' Equity Print Done Total liabilities and stockholders' equity Next
