Question

13 adjusting entries (The following information applies to the questions displayed below.] The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit $ 10, eee 130,000 4, eee 20,000 200, eee Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals $115,00 10, eee 9,000 3,000 20,000 100,000 40, eee 300,000 200,000 10,000 20,000 3,000 $597,000 $597,000 Required: CD < Prev 3 4 of 5 Next >

Answer 1

Income statement Revenues: Service revenue 300,000 Expenses: Salaries expense Rent expense Depreciation expense Interest expense Total expense 200,000 10,000 20,000 3,000 233,000 Net income 67,000

Balance sheet Liabilities Assets Current liabilities: Accounts payable Salaries payable Current assets: Cash 10,000 10,000 Accounts receivable 130,000 4,000 9,000 Interest payable 3,000 Prepaid rent Supplies 20,000 164,000 Total current liabilities Long-term liabilities: Total current assets 22,000 Notes payable 20,000 Total liabilities 42,000 Stockholders' equity Long-term assets: 200,000 Common stock -115,000 Retained earnings (40,000+67,000) 85,000 Total stockholders' equity 249,000 Total liabilities and stockholders' equity Equipment Less: Accumulated depreciation 100,000 107,000 Total long-term assets 207,000 Total assets 249,000