Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The adjusted trial balance of Cullumber Company appears below. CULLUMBER COMPANY Adjusted Trial Balance December 31, 2022 Debit Credit Cash $ 12,936 Accounts Receivable 1,848

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

The adjusted trial balance of Cullumber Company appears below. CULLUMBER COMPANY Adjusted Trial Balance December 31, 2022 Debit Credit Cash $ 12,936 Accounts Receivable 1,848 Supplies 1.512 Equipment 13.020 $ 3,360 Accumulated Depreciation-Equipment Accounts Payable 2,520 Unearned Service Revenue 4,200 Common Stock 12,600 6,216 Retained Earnings Dividends 2,940 Service Revenue 7,980 Supplies Expense 924 Depreciation Expense 2.100 Rent Expense 1.596 $36,876 $36,876 Using the information from the adjusted trial balance, Prepare for the month ending December 31 an income statement. CULLUMBER COMPANY Income Statement For the Month Ended December 31, 2022 Revenues Service Revenue $ 7980 Expenses Rent Expense $ 1596 i Depreciation Expense 2100 i Supplies Expense 924 i Total Expenses 4620 Net Income /(Loss) 3360 Prepare for the month ending December 31 a retained earnings statement. (List items that increase retained earnings first.) CULLUMBER COMPANY Retained Earnings Statement For the Month Ended December 31, 2022 Retained Earnings, December 1 6216 Add Net Income /(Loss) 3360 9576 Less Dividends 2940 i Retained Earnings, December 31 $ 6636 Prepare for the month ending December 31 a balance sheet. (List Current assets in order of liquidity) CULLUMBER COMPANY Balance Sheet December 31, 2022 Assets $ $ $ Liabilities and Stockholders' Equity $ DO

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sound Investing, Chapter 7 - Cash Versus Accrual

Authors: Kate Mooney

1st Edition

0071719296, 9780071719292

More Books

Students also viewed these Accounting questions

Question

=+a. Can the reader find the most important message?

Answered: 1 week ago