Question

Using the trial balance below: complete the income statement, the statement of retained earnings and a balance sheet. Johnny Dollar's Body Shop Trial Balance December 31, 2020 6500 475 2500 600 35200 Cash Accounts receivable Body shop supplies Office supples Body shop equipment Accounts payable Common stock Retained earnings Dividends Revenue earned Body shop supplies expense Office supplies expense Rent expense Utilities expense Wages expense 1500 10000 11775 36000 95000 3425 775 6000 4800 22000

Answer 1

95,000 Johnny Dollar's Body Shop Income Statement For the Period Ended December 31, 2020 Revenues Revenue earned Expenses Body Shop Supplies expense Office Supplies expense Rent expense Utilities expense Wages expense Total Expenses Net Income 3,425 775 6,000 4,800 22,000 37,000 58,000 Statement of Retained Earnings For the Period Ended December 31, 2020 Beginning balance Net Income 11,775 58,000 69,775 (36,000) 33,775 Less Dividends Ending Balance

Johnny Dollar's Body Shop Balance Sheet As of December 31, 2020 Assets Current Assets Cash Accounts Receivable Body Shop Supplies Office Supplies Total Current Assets 1,500 Liabilities & Stockholders Equity Liabilities 6,500 Accounts Payable 475 2,500 600 10,075 Property, Plant & Equipment Body Shop Equipment Stockholders Equity 35,200 Common Stock Retained earnings Total Stockholders Equity 10,000 33,775 43,775 Total Assets 45,275 Total Liabilities & Stockholders Equity 45,275