Question

Jung Company Adjusted Trial Balance December 31, 2018 | 115,000 21,000 3,000 36,000 110.000 15,000 65,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 35,000 8.000 15,900 1,000 47,000 35,000 55,100 4,000 480,000 8,000 | 42,000 6.000 55.000 10.000 140,000 13,000 2.000 32,000 677,000 677,000

Answer 1

Net Income for the period ending December 31, 2018 Retained Earnings for the period ending December 31, 2018 Total Current assets as of December 31,2018 Total Current Liabilities as of December 31,2018 Total Stockholders' equity as of December 31,2018 Total Assets as of December 31,2018 $172.000 $223,100 $285,000 $ 24,900 $258,100 $ 330,000 Working Notes: JUNG Company Income Statement For the Year Ended December 31, 2018 $ 480,000 $ 480,000 Revenue service Revenue Total revenue Expenses Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense $ 8.000 $ 42,000 $ 6,000 $ 55,000 S 10,000 $ 140,000 $ 13,000

$ 2.000 $ 32,000 Interest Expense Income Tax Expense Total expenses Net Income (Loss) S 308.000 $ 172,000 JUNG Company statement of Retained Earnings For the Year Ended December 31, 2018 Retained earnings. (1/1/2018) Add: Net Income Less: Dividends Retained Earnings. (31/12/2018) S 55.100 $ 172.000 $ 4.000 $ 223,100 JUNG Company Balance Sheet December. 31,2018 Assets Current assets Cash Accounts Receivables Supplies Prepaid Insurance Inventory $ 115,000 $ 21,000 $ 3,000 $ 36,000 $ 110,000

Vehicle Total Current assets $ 285,000 Property, plant & equipmenet S 15,000 Equipment $ 65,000 Less: Accumulated Depreciation S (35,000) $ 45,000 Total assets $ 330,000 Total Liabilities and Shareholders' Equity Current Liabilities Accounts Payable $ 8.000 Unearned Revenue $ 15,900 Wages Payable $ 1.000 Total Current Liabilities $ 24,900 Long-Term Notes payable $ 47,000 Total Liabilities $ 71,900 Shareholders' Equity Common Stock $ 35,000 Retained Earnings $223.100 Total shareholders' Equity S 258.100 Total Liabilities and Shareholders' equity $ 330,000