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Instructions McDonald Marina provides docking and cleaning services for pleasure boats at its marina in southern Florida. The following accou balances are available: $ 237,000 Accounts payable S 26,600 Interest expense 268,700 Interest payable Accounts receivable 19,000 Accumulated depreciation (building) 64,800 Land 876,000 Accumulated depreciation (equipment) Rent expense 950,200 14,500 Bonds payable (due 2024) Rent payable 2,000,000 2,500 Retained earnings, 12/31/2018 Building 197,200 138,500 Service revenue (cleaning) Cash 22,500 472,500 Common stock (40,000 shares) Service revenue (docking) 600,000 1,480,000 Depreciation expense (building) 21,800 Supplies 9,900 Depreciation expense (equipment) 248,100 Supplies expense 89,300 Utilities expense Dividends 25,400 239,600 2,500,000 Equipment Wages expense 986,400 Income taxces expense 21,500 Wages payable 21,600 Required: 1. Prepare a single-step income statement, a retained eamings statement, and a classified balance sheet for the year ended December 31, 2019. 2. Conceptual Connection: How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? Income Statement Shaded cells have feedback. 1a. Prepare a single-step income statement for the year ended December 31, 2019. Income Statement Instructions McDonald Marina Score: 118/125 Income Statement For the year ended December 31, 2019 1 Revenues: $1,460,000.00 Service revenue (docking) Service revenue (cleaning) 472,500.00 $1,952,500.00 Total service revenues S Expenses: $986,400.00 Wages expense Depreciation expense (equipment) 246,100.00 Utilities expense 239,600.00 237,000.00 Interest expense 10 Supplies expense 89,300.00 Depreciation expense (building) 21,600.00 11 Rent expense 14,500.00 12 Income taxes expense 21,500.00 13 1,856,000.00 Total expenses 14 $76,500.00 15 Net income K Points: 27.38 / 29 Retained Earnings Statements Shaded cells have feedback. Retained Eamings Instructions Score: 30/42 McDonald Marina Retained Earnings Statement For the year ended December 31, 2019 1 Retained earnings, January 1, 2019 $128,600.00 2 Add: Net income 76,500.00 3 Less: Dividends 25,400.00 $179,700.00 4 Retained earnings, December 31, 2019 Balance Sheet Shaded cells have feedback. Assets 2 Current assets: $22,300.00 Cash Accounts receivable 268,700.00 Supplies 9,900.00 $300,900.00 Total current assets Property, plant, and equipment: Land $876,000.00 $197,200.00 Building Less: Accumulated depreciation (building) 64,800.00 132,400.00 10 $2,500,000.00 11 Equipment Less: Accumulated depreciation (equipment) 950,200.00 1,549,800.00 12 2,558,200.00 Total property, plant, and equipment 13 14 Total assets $2,859,100.00 15 Liabilities and Stockholders' Equity 16 Current liabilities: $26,600.00 Accounts payable 17 18 Wages payable 21,600.00 Interest payable 19,000.00 19 Rent payable 2,500.00 20 $69,700.00 Total current liabilities 21 22 Long-term Liabilities: Bonds payable (due 2024) 2,000,000.00 23 $2,069,700.00 Total liabilities 24 25 Stockholders' equity: $600,000.00 Common stock (40,000 shares) 26 Retained earnings, 12/31/2018 138,500.00 27 Total stockholders' equity 738,500.00 28 29 Total liabilities and stockholders' equity $2,808,200.00
