Question
WInc. has the following adjusted trial balance as of March 31, 2023. Calculate the balance of Retained earnings as of March 31. Prepare a classified
WInc. has the following adjusted trial balance as of March 31, 2023.
- Calculate the balance of Retained earnings as of March 31.
- Prepare a classified balance sheet as of that date.
| Account | Debit | Credit |
| Cash | $600 |
|
| Short-Term Investments | 1,800 |
|
| Inventory | 2,000 |
|
| Prepaid Rent | 2,900 |
|
| Prepaid Insurance | 1,500 |
|
| Long-Term Investments | 23,000 |
|
| Land | $27,500 |
|
| Building | 50,000 |
|
| Accumulated DepreciationBuilding |
| $7,500 |
| Accounts Payable |
| 6,000 |
| Current Portion of Long-term Note Payable |
| 2,500 |
| Income Tax Payable |
| 15,630 |
| Long-term Notes Payable |
| 8,000 |
| Common Stock |
| 1,650 |
| Additional Paid-in Capital |
| 30,000 |
| Retained Earnings |
| 2,520 |
| Service Revenue |
| 41,000 |
| Rent Expense | 1,000 |
|
| Insurance Expense | 2,000 |
|
| Salaries Expense | 1,000 |
|
| Depreciation ExpenseBuilding | 1,500 | ________ |
| Totals | $114,800 | $114,800 |
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Accounting Information Systems
Authors: Marshall B. Romney, Paul J. Steinbart
13th edition
978-0133428537
