The following information is as of December 31, 2010 for Home Health, Inc Cash .......................................................$20,000 Accounts Receivable
Question:
The following information is as of December 31, 2010 for Home Health, Inc
Cash .......................................................$20,000
Accounts Receivable ...............................$2,000
Supplies ...................................................$1,000
Equipment .............................................$10,000
Accounts Payable ....................................$5,000
Common Stock ......................................$25,000
Dividends ................................................$3,000
Service Revenue ......................................$9,000
Rent Expense ..........................................$1,000
Salary Expense ........................................$2,000
Retained Earnings for the beginning of the month is 0.
Please complete the income statement, statement of retained earnings and balance sheet for Home Health, Inc.
A. Complete the statement of retained earnings for the fiscal year ending December 31, 2010
Beginning Retained Earnings$0
+ Net Income or - Net Loss:
- Dividends:
= Ending Retained Earnings
B. Complete the Income Statement for year ending December 31, 2010
Revenue
Minus
Expenses
Netincome
Step by Step Answer:
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta