Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation

image text in transcribed
image text in transcribed
image text in transcribed
The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salarles Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Debit Credit $ 11,700 147,000 5,700 28.500 370.000 $ 132,000 11.700 10,700 4,700 37.000 270,000 57.000 470,000 370.000 18.500 37.000 4.700 Totals $ 993.100 $ 993.100 Required: 1. Prepare an income statement for the year ended December 31, 2018 FIGHTIN' BLUE HENS CORPORATION Income Statement For the Year Ended December 31, 2018 3 11.700 Accounts receivable 147.000 Prepaid rent 5700 pentes The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit $ 11,700 147.000 5.700 28.500 370,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense $ 132,000 11.700 10.700 4,700 37.000 270,000 57,000 470,000 370,00 18.500 37.000 4.700 Totals $ 993100 $ 993.100 2. Prepare a statement of stockholders' equity for the year ended December 31, 2018, assuming no common stock was issued during 2018 FIGHTIN' BLUE MENS CORPORATION Statement of Stockholders' Equity For the Year Ended December 31, 2010 Common Retained Stock Earnings Total Stockholders Balance at January 1 Loss Dividends Balance December 31 The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Debit Credit Cash $ 11.700 Accounts Receivable 147.000 Prepaid Rent 5.700 Supplies 28.500 Equipment 370,000 Accumulated $ 132,000 Depreciation Accounts Payable 11,700 Salaries Payable 10.700 Interest Payable 4.700 Notes Payable (due in 37.000 two years) Common Stock 270.000 Retained Earnings 57.000 Service Revenue 470.000 Salaries Expense 370.000 Rent Expense 18,500 Depreciation Expense 37.000 Interest Expense 4.700 Totals $ 993.100 $ 993,100 3. Prepare a classified balance sheet as of December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.) FIGHTIN BLUE HENS CORPORATION Balance Sheet December 31, 2018 Assets Liabilities Total current assets Total current abates 0 Total long-term abilities Stockholders' Equity Total long-term assets Total assets Total stockholders equity 0 Total abilities and stoci holders equity

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

Marketing Audit Benefits How A Marketing Audit Improves Your Business's Performance

Authors: Sharita Winder

1st Edition

B0BQXYKYYL, 979-8371064820

More Books

Students also viewed these Accounting questions