Question

red at April 30, 2019 Question # 7 Financial Statement Jacquard Industries' adjusted trial balance for the year ending December 31, 2018 Aa JACQUARD INDUSTRIES Adjusted Trial Balance December 31, 2018 Acct # Account Name Bank Account Debit $ 3,700 9,100 400 600 34,550 Credit 1060 1200 1320 1350 1820 1825 Accounts receivable Prepaid rent Supplies Equipment Accumulated depreciation-Equipment Accounts payable Unearned revenue $ 4,600 3,400 2,250 435 21,750 10,000 12,500 2100 2460 Interest payable Bank loan payable (due July 1, 2020). Common shares Retained earnings Dividends declared Service revenue 2500 2620 3350 3560 3560 4000 5060 5150 5180 5200 1,000 60,000 2,400 435 16,650 28,850 17.250 $114,935 $114.935 Depreciation expense Interest expense Supplies expense Salaries expense Rent expense 5300 .... Instructions Using the information from the adjusted trial balance, prepare the following: (a) an income statement (b) a statement of changes in equity (Retained Earning Statement) (c) The dollar amount of current liabilities, current assets and shareholders' equity

Answer 1

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Part a
Service Revenue			$     60,000
Less: Expense
Depreciation Expense		$     2,400
Interest Expense		$         435
Supplies Expense		$   16,650
Salaries Expense		$   28,850
Rent Expense		$   17,250	$ (65,585)
Net Loss			$     (5,585)
Part b
Beginning Retained Earning		$   12,500
Less: Net Loss		$   (5,585)
Less: Dividend		$   (1,000)
Ending Retained Earning		$     5,915
Part c
Bank Account		$     3,700
Accounts Receivable		$     9,100
Prepaid Rent		$         400
Supplies		$         600
Current Assets		$   13,800
Accounts Payable		$     3,400
Unearned Revenue		$     2,250
Interest Payable		$         435
Current Liabilities		$     6,085
Common Share		$   10,000
Retained Earning		$     5,915
Stockholder's Equity		$   15,915