Question

Kimmel, Accounting, 6e Assignment Gradebook ORION Downloadable eTextbook nt Problem 2-2A (Part Level Submission) These items are taken from the financial statements of Coronado Industries for 201 Retained earnings (beginning of year) $32,560 2,150 67,560 21,790 11,480 6,130 12,000 12,000 72,550 6,630 1,650 3,420 15,190 2,380 41,550 18,980 Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment Your answer is correct

Answer 1

	INCOME STATEMENT
	Service Revenue	$               72,550
	Less: Expenses
	Insurance Expenses	$                 2,380
	Salaries and wages Expenses	$               41,550
	Depreciation Expenses	$                 3,420
	Maintenance and repair expenses	$                 1,650
	Utilities Expenses	$                 2,150
	Total Expenses (B)	$               51,150
	Net Income(A-B)	$               21,400
	STATEMENET OF RETAINED EARNINGS
	Beginning Retained Earnings	$               32,560
	Add: Net Income	$               21,400
	Less: Dividend on common Shares	$               12,000
	Closing Retained Earning	$               41,960
	BALANCE SHEET
	ASSETS:	AMOUNT	LIABILITIES & SHAREHOLDER'S EQUITY	AMOUNT
	CURRENT ASSETS:		LIABILITIES:
	Cash	$               11,480	Account Payable	$                     21,790
	Account Receivable	$               15,190	Salaries and wages Payable	$                       6,130
	Prepaid insurance	$                 6,630
	Total Current Assets (A)	$               33,300
			Total Liabilities (A)	$                     27,920
	FIXED ASSETS:
	Equipment	$               67,560
	Less: Accumulated Derepciation on Equipment	$             -18,980	SHAREHOLDER'S EQUITY
			Common Stock	$                     12,000
			Retained Earning	$                     41,960
	Total Fixed Assets (B)	$               48,580
			Total of Shareholder's Equity	$                     53,960
	TOTAL OF ASSETS	$               81,880	TOTAL OF LIABILITES & SAHREHOLDER'S EQUITY (A + B)	$                     81,880