The December 31, 2018, unadjusted trial balance for the Wolkstein Drug Company is presented below. December...
The December 31, 2018, unadjusted trial balance for the
Wolkstein Drug Company is presented below. December 31 is the
company’s fiscal year-end.
Account TitleDebits Credits
Cash70,910
Accounts receivable23,000
Prepaid rent2,800
Inventory35,000
Equipment66,000
Accumulated depreciation—equipment 19,800
Accounts payable 24,000
Salaries and wages payable 0
Common stock 100,000
Retained earnings 16,000
Sales revenue 373,000
Cost of goods sold223,800
Salaries and wages expense74,600
Rent expense16,800
Depreciation expense0
Utility expense14,920
Advertising expense4,970
Totals532,800 532,800
The following year-end adjusting entries are required:
Depreciation expense for the year on the equipment is $6,600.
Accrued salaries and wages payable at year-end should be $4,880.
Exercise 2-20 Part 2
2. Prepare an income statement for 2018 and a balance sheet as of December 31, 2018.
Homework Answers
|
Income statement |
|
|
Sales revenue |
$ 3,73,000.00 |
|
Cost of goods sold |
$ 2,23,800.00 |
|
Gross profit |
$ 1,49,200.00 |
|
Operating expenses |
|
|
Salaries and wages expenses |
$ 79,480.00 |
|
Rent Expense |
$ 16,800.00 |
|
Depreciation expense |
$ 6,600.00 |
|
Utilities expense |
$ 14,920.00 |
|
Advertisement expense |
$ 4,970.00 |
|
Total Operating expenses |
$ 1,22,770.00 |
|
Net income |
$ 26,430.00 |
|
Statement of retained earnings |
|
|
Beginning balance |
$ 16,000.00 |
|
Net income |
$ 26,430.00 |
|
Ending balance |
$ 42,430.00 |
|
Balance sheet |
|
|
Assets |
|
|
Cash |
$ 70,910.00 |
|
Accounts Receivables, Net |
$ 23,000.00 |
|
Merchandise Inventory |
$ 35,000.00 |
|
Prepaid rent |
$ 2,800.00 |
|
Total Current assets |
$ 1,31,710.00 |
|
Equipment |
$ 66,000.00 |
|
Less: Accumulated depreciation- Equipment |
$ 26,400.00 |
|
Net Equipment |
$ 39,600.00 |
|
Total Assets |
$ 1,71,310.00 |
|
Liabilities and Equity |
|
|
Current Liabilities |
|
|
Accounts payable |
$ 23,000.00 |
|
Salaries and wages payable |
$ 4,880.00 |
|
Total Current liabilities |
$ 27,880.00 |
|
Stockholder's equity |
|
|
Common Stock |
$ 1,00,000.00 |
|
Retained Earnings |
$ 42,430.00 |
|
Total shareholder's equity |
$ 1,42,430.00 |
|
Total Liabilities and equity |
$ 1,70,310.00 |
Add Answer to:
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