Question

Required information [The following information applies to the questions displayed below.] The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit $ Debit 11,600 146,000 5,600 28,000 360,000 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 $ 131,000 11,600 10.600 4.600 36,000 260,000 56,000 460,000 360,000 18,000 36,000 4.600 Totals $969,800 $969,800

Answer 1

Statement of stockholders' equity Total Common Retained stockholders' stock earnings equity Balance at January 1 260,000 56,000 316,000 Add: Net income 41,400 41,400 Less: Dividends Balance at December 31 260,000 97,400 357,400

Balance sheet Liabilities Assets Cash Accounts receivable Prepaid rent Supplies 11,600 Accounts payable 146,000 Salaries payable 5,600 Interest payable 28,000 11,600 10,600 4,600 Total current assets 191,200 Total current liabilities Notes payable 26,800 36,000 62,800 Total long-term liabilities Stockholders' equity 360,000 Common stock - 131,000 Retained earnings Equipment Accumulated depreciation 260,000 97,400 Total long-term assets Total assets 229,000 Total stockholders' equity 420,200 Total liabilities and stockholders' equity 357,400 420,200