Question

I need help with this worksheet, I mostly with the I/S and B/S. Have I done it right so far?

I also need to generate an Income statement, statement of retained earnings, Ballance sheet, and closing entries with this information. Any help would be appreciated!

Account Title Cash Accounts Receivable Allowance for Doubtful Accounts Interest Receivable Note Receivable Merchandise Inventory Prepaid Insurance Prepaid Rent Supplies Fauipment Accumulated Depreciation - Equipment Accounts Payable Salaries & Wages Payable Unearned Revenue Interest Pavable Utilities Payable Note Payable (final payment due 2023) Common Stock Retained Eamings Dividends Sales Consulting Revenue Sales Retums and Allowances Sales Discounts Cost of Goods Sold Salaries & Wages Expense Depreciation Expense - Equipment Bad Debt Expense Insurance Expense Rent Expense Supplies Expense Utilities Expense Interest Revenue Interest Expense End of Period Worksheet For the Year Ended December 31, 2019 Unadjusted Trial Balance Adjustments DR L CR DR DR CR 270.788 1,070,384 18.514 - 74,567 8,531 - 359.180 782,572 28,728 - 19,152 47,880 6,390 121,296 1 . 116.622 1 118 264 118,104 110,626 L 111,826 71,490 32,000 12,000 15,920 12,314 | 758,100 585,200 904,400 234,080 11,179.980 12.000 63,840 137,256 7.612.388 1,733,256 71,490 110,626 74,567 19,152 6,390 116,622 128 2121 12.314 8.531 15.920 13,708,124 13,708,124 447,612 447,612 Adjusted Trial Balance Income Statement Balance Sheet DR CRDR CRDR CR 270,788 270.788 1,070,384 1,070,384 93,081 93,081 8,531 8,531 359,180 359.180 782,572 782,572 9 ,576 9,576 41,490 41,490 4,674 4,674 1,118,264 1.118,264 228,730 228.730 111,826 111,826 71,490 71,490 20,000 15,920 12,314 758, 100 585,200 904,400 234,080 11,179,980 12,000 63.840 137.256 7,612,388 1,804,7461 1,804,746 110,626 110,626 74,567 74,567 19,152 19,152 6,390 6,390 116,622 116,622 140,526 140,526 8,531 8,531 15,920 | - 15,920 14,001,572 14,001,572 Net Income

Answer 1

Income Statement For the year ended December 31, 2019 Revenues Sales $11,179,980 Less: Sales Returns and Allowances $63.840 Sales Discounts $137.256 Net Sales $10.978.884 Consulting revenue $12,000 Interest revenue $8,531 Total Revenues $10.999,415 Expenses Cost of goods sold $7.612,388 Salaries and wages expense $1.804,746 Depreciation Expense - Equipment $110,626 Bad debt expense $74,567 Insurance expense $19,152 Rent expense $6,390 Supplies expense $116.622 Utilities expense $140.526 Interest expense $15.920 Total Expenses $9.900,937 Net Income $1,098,478 Retained Earnings Statement For the year ended December 31, 2019 Retained earnings, January 1, 2019 Add: Net income $904.400 $1.098.478 $2.002,878 $234.080 $1,768,798 Less: Dividends Retained earnings. December 31, 2019

$270.788 $1,070,384 $93.081 $977,303 $8,531 $359.180 $782,572 $9,576 $41,490 $4.674 $2.454,114 $1,118.264 $228,730 Balance Sheet December 31, 2019 Assets Current Assets Cash Accounts Receivable Less: Allowance for doubtful accounts Interest Receivable Note receivable Merchandise Inventory Prepaid Insurance Prepaid Rent Supplies Total Current Assets Property Plant and Equipment Equipment Less: Accumulated Depreciation Total Assets Liabilities and Owner's Equity Current liabilities Accounts Payable Salaries and wages payable Unearned Revenue Interest Payable Utilities Payable Total current liabilities Long-term liabilities Notes Payable (final payment due 2023) Total liabilities Stockholders' equity Common Stock Retained Earnings Total Shareholder's equity Total Liabilities & Owner Equity $889,534 $3,343,648 $111,826 $71,490 $20,000 $15.920 $12.314 $231,5501 $758.100 $989,650 $585,200 $1.768.798 $2,353,998 $3,343,648

Credit Closing Entries: Date Accounts and Explanations Dec. 31 Sales Revenue Consulting Revenue Interest Revenue Income Summary (To Close revenue account) Debit $10.978.884 $12.000 $8.531 $10.999,415 Dec. 31 $9.900,937 Income Summary Cost of goods sold Salaries and wages expense Depreciation Expense - Equipment Bad debt expense Insurance expense Rent expense Supplies expense Utilities expense Interest expense (To Close expense accounts) $7.612,388 $1.804,746 $110,626 $74,567 $19.152 $6.390 $116,622 $140,526 $15.920 Dec. 31 $1.098.478 Income Summary ($10.999,415 - $9.900.937) Retained earnings (To Close Income summary) $1,098,478 Dec. 31 $234,080 Retained earnings Dividends (To Close Dividends) $234.080