Question

The adjusted trial balance for the year of Sneed Corporation at December 31, 2018, follows. (Click the icon to view the adjusted trial balance.) Read the requirements. Requirement 1. Prepare Sneed Corporation's 2018 single-step income statement, statement of retained earnings, and balance sheet Begin by preparing Sneed's 2018 income statement Sneed Corporation Income Statement Year Ended December 31, 2018 Revenue: Service revenue Expenses: Salary expense Rent expense Insurance expense Interest expense Supplies expense Depreciation expense Income before tax Income tax expense Choose from any list or enter any number in the innut fields and then click Check Answer

Account	Debit	Credit
Cash	$19,000
Accounts receivable	19,600
Supplies	3,000
Prepaid rent	2,100
Equipment	37,000
Accumulated depreciation—equipment		$4,800
Accounts payable		9,200
Interest payable		1,050
Unearned service revenue		1,000
Income tax payable		2,400
Note payable		18,000
Common stock		15,000
Retained earnings		5,000
Dividends	5,000
Service revenue		99,050
Depreciation expense—equipment	1,900
Salary expense	40,300
Rent expense	11,000
Interest expense	3,200
Insurance expense	3,800
Supplies expense	2,100
Income tax expense	7,500
Total	$155,500	$155,500

Answer 1

S 43,700.00 Sneed Corporation Balance Sheet December 31,2018 Assets Current assets Cash $ 19.000.00 Accounts Receiavble $ 19,600.00 Supplies S 3,000.00 Prepaid Rent S 2.100.00 Total Current Assets Property, plant and Equipment Equipment S 37,000.00 Less: Accumulated Depreciation $ 4,800.00 Net Property, plant and Equipment Total assets Total Liabilities and Shareholders Equity Current Liabilities Accounts Payable $ 9,200.00 Interest Payable $ 1,050.00 Unearned service revenue S 1,000.00 Income Tax payable S 2.400.00 Total Current Liabilities $ 13,650.00 S $ 32.200.00 75,900.00

$ 18,000.00 S 31,650.00 Long Term liabilities Notes payable Total Liabilities Shareholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and equity $ S 15,000.00 29.250.00 $ $ 44.250.00 75,900.00 99,050 Sneed Corporation Income Statement For the Year Ended December 31,2018 Revenue Service Revenue $ Expenses Salaries expense $ 40,300 Rent Expense $ 11,000 Insurance Expense 3,800 Interest Expense 3,200 Supplies Expense 2.100 Depreciation Expense 1,900S Income before Tax S Income Tax Expense S 62,300 36,750 7,500

Net Income 29,250 Sneed Corporation Retained Earnings Statement For the Year Ended December 31,2018 Retained Earnings opening balance Net Income 5,000 29,250 34.250 5,000 29,250 S Less: Dividends paid Retained Earnings ending balance S