Question

nsert Adjusted Trial Balance Image HERE 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

Answer:

Jung Company
Balance Sheet
December 31,2018
Assets
Current assets:
Cash	115,000
Accounts receivable	21,000
Supplies	3,000
Prepaid insurance	36,000
Inventory	110,000
Total Current assets		285,000
Property,plant,and equipment:
Vehicle	15,000
Equipment	65,000
Accumulated Depreciation	-35,000
Total property,plant,and equipment		45,000
Total Assets		330,000
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	8,000
Unearned revenue	15,900
Wages payable	1,000
Total current liabilities		24,900
Long-term debt:
Long-term notes payable		47,000
Total liabilities		71,900
Stock holders' Equity:
Common stock		35,000
Retained earnings		223,100
Total stockholders' Equity		258,100
Total liabilities and stockholders' Equity		330,000

Calculations:

Income Statement
Service revenue		480,000
Expenses:
Repair expense	8,000
Delivery expense	42,000
Depreciation expense	6,000
Rent expense	55,000
Insurance expense	10,000
Wages expense	140,000
Supplies expense	13,000
Interest expense	2,000
Income tax expense	32,000
Total expenses		308,000
Net income		172,000

Retained earnings, 12/31/18 = Retained earnings, 1/1/18 + Net income - Dividends

= 55,100+172,000-4,000

= 223,100