Question

CALC Question 12 These financial statement items are for Bramble Company at year-end, July 31, 2019. Salaries and wages payable $ 1,600 Notes payable (long-term) $ 2,100 Salaries and wages expense 51,400 Cash 15,500 Utilities expense 22,100 Accounts receivable 9,700 Equipment 30,800 Accumulated depreciation equipment 5,800 Accounts payable 5,000 Dividends 3,400 Service revenue 60,500 Depreciation expense 4,200 Rent revenue 8,100 Retained Earnings (beginning of the year) 20,400 Common Stock 33,600 Prepare an income statement for the year. (Enter negative amounts using either a negative sign prec parentheses e.g. (45).) Bramble Company Income Statement

Answer 1

Answer-

BRAMBLE COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED JULY 31,2019
PARTICULARS		AMOUNT
		$
Total Revenue		68600
Service Revenue	60500
Rent Revenue	8100
Less-Expenses
Utilities expense	22100
Depreciation expense	4200
Salaries & Wages expense	51400
Total expenses		77700
Net profit/(loss)		-9100
BRAMBLE COMPANY
STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED JULY 31,2019		Amount
		$
Retained earnings July 31 prior year end		20400
Less- Net loss		9100
Less- Dividends		3400
Retained earnings, July 31 Current year end		7900

BRAMBLE COMPANY
BALANCE SHEET
July 31,2019
Assets		Amount
Current Assets		25200
Cash	15500
Accounts receivable	9700
Non Current Assets
Equipment	30800
Less- Accumulated depreciation	5800	25000
Total Assets		50200
Liabilities
Current liabilities		6600
Accounts payable	5000
Salaries & wages payable	1600
Long-term liabilities
Notes payable		2100
Owner's capital		41500
Capital stock	33600
Retained earnings	7900
Total liabilties and owner's capital		50200