Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

9. The assets, liabilities, and equities of Durham Design Studio have the following balances at December 31, 2018. The retained earnings was $32,000 at the

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

9. The assets, liabilities, and equities of Durham Design Studio have the following balances at December 31, 2018. The retained earnings was $32,000 at the beginning of the year. Al year end, common stock was $14,000 and dividends were $52,000. (Click the icon to view the account balances.) 1(Click the icon to view the income staterment for the year.) "(Cilick the lcon to view the statement of retained earnings for the year ended December 31, 2018.) Prepare the balance sheet for Durham Design Studio as of Decermber 31, 2018. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.) (1) (2) (3) Llabilitles Assets (4) (5) (6) (7) (8) (9) (10) (11) Stockholders' Equity (12) (13) (14) (15) (16) (18) (17) 9: Data Table Nates Payable 9,400 Office Fumiture 35,400 Utilities Expense Rent Expense 25,000 6,900 Accounts Payable Cash 4,000 3,800 Office Supplies 4,100 Service Revenue 149,700 Accounts Receivable 11,700 Salaries Expense 64,000 Miscellaneous Expense Property Tax Expense 1,800 4,000 10: Roforonco 10: Reference Durham Design Studio Income Statement Year Ended December 31, 2018 Revenues: Service Revenue 149,700 Expenses: Salaries Expense 2$ 64,000 Rent Expense 25,000 Utilities Expense 6,900 Miscellaneous Expense 4,000 1,800 Property Tax Expense 101,700 Total Expenses 48,000 Net Income 11: Reference Durham Design Studio Statement of Retained Earnings Year Ended December 31, 2018 Retained Earnings, January 1, 2018 32,000 48,000 Net income for the year 80,000 (52,000) Dividends $ 28,000 Retained Earnings, December 31, 2018 O statement of Retained Earnings Print O December 31, 2018 O Month Ended December 31, 2018 O Statement of Retained Earnings O December 31, 2018 O Month Ended December 31, 2018 O Statement of Retained Eamings O December 31, 2018 O Month Ended December 31, 2018 (1) C O Durham Design Studio O Balance Sheet O Incorne Staterment (2) O O Durham Design Studio O Balance Sheet O Incorme Staterment (3) O O Durham Design Studio O Balance Sheet O Income Statement O Retained Earnings O Salarios Expense O Service Revenue O Utilities Expenses O Common Stock O Dividends O Miscellaneous Expense O Notes Payable O Retained Earnings O Salaries Expense O Service Revenue O Utilities Expenses O Common Stock O Dividends O Miscellaneous Expense O Notes Payable O Office Furniture O Office Supplies O Property Tax Expense O Rent Expense (5) O O Accounts Payable O Accounts Receivable O O Cash O Office Furniture O Office Suppliles O (4) O O Accounts Payable O Accounts Receivable O Cash O Property Tax Expense O Rent Expense O Retained Earnings O Salaries Expense O Retained Earnings O Salaries Expense O Service Revenue O Utlitles O Office Furniture O Office Supplies O Common Stock O Dividends O Miscellaneous Expense O Notes Payable (6) O O Accounts Payable O Accounts Receivable O Cash Common Stock (7) O O Accounts Payable O Accounts Receivable O O Cash Office Furniture O Office Supplies O Dividends O Miscellaneous Expense O Notes Payable O Property Tax Expense O Rent Expense O Property Tax Expense O Service Revenue O Rent Expense Utilitles Expenses Utiltles Expenses O Retained Earnings O Salaries Expense O Office Furniture O Office Supplies (9) O O Expenses: O Revenues: O Total Assets O Total Expenses O Total Liabilities O Total Llabilitles and Stockholders' Equity O Total Stockholders' Equity (8) O O Accounts Payable O Accounts Recelvable O Cash O Comman Stock O Dividends O Miscellaneous Expense O Notes Payable O Property Tax Expense O Rent Exponse O Service Revenue O Utilities Expenses O Office Furniture O Office Supplies O Property Tax Expense O Rent Expense O Retained Eamings O Salarles Expense O Common Stock Dividends O Miscellaneous Expense O Notes Payable (10) O O Accounts Payable O Accounts Receivable O Cash O Service Revenue O Utilities Expenses O Common Stock O Dividends O Miscellaneous Expense O Notes Payable O Office Furniture O Office Supplies O Property Tax Expense O Rent Expense O O Retained Eamings O Salaries Expense O Service Revenue O Utilities Expenses (11) O Accounts Payable O Accounts Receivable O Cash O Office Furniture O Office Supplies O Retained Eamings O Salaries Expense (12) O Common Stock O Accounts Payable O Accounts Recelvable O Cash O Dividends O Miscellaneous Expense O Property Tax Expense O Notos Payable O Service Revenue O Rent Expense O Utilitios Expenses O Common Stock O Dividends O Office Furniture O Office Supplies O Property Tax Expense O Rent Expense Retained Earnings O Salaries Expense O Service Revenue O Utilities Expenses O Accounts Payable O Accounts Receivable O Miscellaneous Expense O Notes Payable O Cash O Retained Earnings O Salaries Expense O Office Furniture O Office Supplies O Property Tax Expense O Rent Expense O Common Stock O Dividends O Miscellaneous Expense O Notes Payable (13) O O Accounts Payable O Accounts Receivable O Cash O Service Revenue O Utilities Expenses O Office Furniture O Office Supplies O Retained Earnings O Salaries Expense O Common Stock O Dividends O Accounts Payable O Accounts Receivable O Cash O Miscellaneous Expense O Notes Payable O Property Tax Expense O Rent Expense O Service Revenue O Utilities Expenses O Office Furniture O Office Supplies O Total Expenses O Total Liabilities O Total Liabilities and Stockholders' Equity O Common Stock O Dividends O Retained Earnings O Salaries Expense O Service Revenue O Utilities Expenses (16) O (15) O O Accounts Payable O Accounts Receivable O Expenses: O Revenues: O Total Assets O Miscellaneous Expense O Property Tax Expense O Rent Expense O Notes Payable O Cash O Total Stockholders' Equity O Total Expenses O Total Liabilities O Total Liabilities and Stockholders' Equity O Total Stockholders' Equity O Total Expenses O Total Liabilities O Total Liabilities and Stockholders' Equity (17) O (18) O O Expenses: O Revenues: O Total Assets O Expenses: O Revenues: O Total Assets O Total Stockholders' Equity 0000 o000 0000 0000 O000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Accounting Information For Business Decisions

Authors: Billie Cunningham, Loren A. Nikolai, John Bazley, Marie Kavanagh, Geoff Slaughter, Sharelle Simmons

2nd Edition

0170253708, 978-0170253703

Students also viewed these Accounting questions