Question

Question 9 Not yet answered Marked out of 2.00 P Rag question Financial Statements and Closing Entries Outdoors, Inc.publishes magazines for skiers and hikers. The firm has the following adjusted trial balance at Decen OUTDOORS, INC. Adjusted Trial Balance December 31 Debit Credit Cash 57,560 Accounts Receivable 26.040 Supplies 5.880 Prepaid insurance 1,302 Office Equipment 92.400 Accum. Depr. - Equipment S13200 Accounts Payable 169.00 Unearned Subscription Revenue 14,000 Salaries Payable 4,900 Common Stock 35.000 Retained Earnings 32,50B Subscription Revenue 263,620 Advertising Revenue 69.580 Salaries Expense 168.322 Printing and Mailing Expense 119,840 Rent Expense 12.320 Supplies Expense 8,540 Insurance Expense 2,604 Depreciation Expense Income Tax Expense 2,240 Totals $454,748 $454,748 7.700

please provide income statement, balance sheet, journal entries. Thank you

Answer 1

333,200 OUTDOORS, INC. Income Statement For the Year Ended December 31, Revenue Subscription Revenue 263,620 Advertising Revenue 69,580 Total revenue Expenses Salaries Expense 168,322 Printing and Mailing Expense 119,840 Rent Expense 12,320 Supplies Expense 8,540 Insurance expense 2,604 Depreciation Expense 7,700 Income Tax Expense 2.240 Total expenses Net Income 321,566 11,634 OUTDOORS, INC. Statement of Retained Earnings For the Year Ended December 31 Retained Earnings, January 1 Add: Net Income 32,508 11,634 44,142 Less: Dividends Retained Earnings, December 31 44,142 OUTDOORS, INC. Balance Sheet December 31 Asets Current Assests Cash Accounts Receivable Supplies Prepaid Insurance Total current assets Property Plant and Equipment Office Equipment Less: Accumulation Depreciation - Machinery Total Assets 7,560 26,040 5,880 1,302 40,782 92,400 18.200 74,200 114,982 16,940 14,000 4,900 Liabilities and Shareholder's Equity Liabilities Accounts Payable Unearned Subscription Revenue Salaries Payable Total Liabilities Shareholer's Equity Common Stock Retained Earnings Total Shareholder's Equity Total Liabilities and Shareholder's Equity 35,840 35,000 44,142 79,142 114,982 Credit Date Dec 31 Account Titles and Explanation Subscription Revenue Advertising Revenue Income Summary (To close income account) Debit 263,620 69,580 333.200 Dec 31 321,566 Income Summary Salaries Expense Printing and Mailing Expense Rent Expense Supplies Expense Insurance expense Depreciation Expense Income Tax Expense (To close expense account) 168,322 119,840 12,320 8,540 2,604 7,700 2,240 Dec 31 11,634 Income Summary Retained Earnings 11,634