Cinder Corp provided the following random list of assets, liabilities, equity, revenue and expenses from its...
Cinder Corp provided the following random list of
assets, liabilities, equity, revenue and expenses from its December
31, 2019 financial records:
Accounts receivable 15,700 Service revenue 83,500
Interest expense 4,900 Cash 15,000
Supplies inventory 1,500 Note payable 20,000
Income tax expense 4,800 Equipment 30,000
Accounts payable 16,000 Salary expense 48,000
Utilities expense 5,200 Interest payable 1,600
Furniture 14,000 Insurance expense 9,400
Salary payable 2,000 Building 81,600
Common shares 30,500 Land 8,000
The retained earnings on January 1, 2019 was $43,100 and the
company paid dividends amounting to $10,000 during 2019.
Required:
a. Prepare an income statement for Cinder Corp for the year ended
December 31, 2019.
b. Prepare the statement of retained earnings for Cinder Corp for
the year ended December 31, 2019.
(Statements must be prepared in good form as discussed in class.
Examples have been provided.)
Homework Answers
a.
|
CINDER CORP. Income Statement For The Year Ended December 31, 2019 |
||
| Revenue: | ||
| Service revenue | $83,500 | |
| Expenses: | ||
| Salary expense | $48,000 | |
| Utilities expense | 5,200 | |
| Insurance expense | 9,400 | |
| Interest expense | 4,900 | |
| Total expenses | 67,500 | |
| Net income | $16,000 | |
b.
|
CINDER CORP. Statement of Retained Earnings For The Year Ended December 31, 2019 |
|
| Beginning retained earnings | $43,100 |
| Add: Net income | 16,000 |
| Less: Dividend | (10,000) |
| Ending retained earnings | $49,100 |
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