Unadjusted Adjusted Accounts Payable $25.000 $25,000 Inventory Unadjusted $28,000 Accounts Receivable Adjusted $28,000 35,000 30.000 30.000 Accumulated Depr.-Equipment 35,000 36,000 44,000 Cash 10,000 2.500 25,000 25,000 Common Stock 2,500 16,300 16,300 Cost of Goods Sold 500,000 500,000 2,500 12.000 12.000 Dividends 9.500 9,500 Notes payable Prepaid Insurance Property Tax Expense Property Taxes Payable Rent Expense Retained Earnings Salaries and Wages Expense Sales Commissions Expens Sales Commissions Payable Sales Returns and Allowances Sales Revenue 61,700 61.700 5.000 5,000 90,000 90,000 Freight-Out Equipment Depreciation Expense 145.000 145.000 6.500 11.000 8.000 4,500 Insurance Expense 7.500 7.000 7,000 Interest Expense 6,000 6,000 700.000 700,000 Interest Revenue 8,000 8,000 Utilities Expense 8,000 8,000 Accumulated Depr.-Equipment 36,000 44,000 Prepaid Insurance Cash 10,000 2.500 25,000 25,000 Property Tax Expense 2.500 Common Stock Cost of Goods Sold 16,300 16,300 Property Taxes Payable 2.500 500.000 500,000 12.000 12,000 Dividends 9,500 9.500 61,700 Rent Expense Retained Earnings Salaries and Wages Expense Sales Commissions Expense 61.700 Freight-Out 5,000 5.000 90,000 90,000 Equipment 145,000 145,000 6,500 11.000 Depreciation Expense 8,000 Sales Commissions Payable 4,500 Insurance Expense 7,500 Sales Returns and Allowances 7,000 7.000 Interest Expense 6,000 6,000 Sales Revenue 700,000 700.000 Interest Revenue 8,000 8,000 Utilities Expense 8.000 8,000 Prepare a retained earnings statement. (List items that increase owner's equity first.) Cullumber Company Retained Earnings Statement $ -14 Cullumber Company Balance Sheet Assets I Question 3 of 3 -14 Liabilities and Stockholders' Equity