Question

Required information Exercise 3-16A Prepare financial statements from an adjusted trial balance (LO3-5) (The following information applies to the questions displayed below.) The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit $ Debit 12,000 150,000 6,000 30,000 400,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals 135,000 12,000 11,000 5,000 40,000 300,000 60,000 500.000 400,000 20,000 40,000 5,000 $1,063,000 $1,063,000

Answer 1

Assets Current assets : Cash Accounts Receivables Prepaid Rent Supplies Total current assets Long term assets Equipment |Less: Accumulated Depreciation - Equipment Total Long term assets $ $ $ $ FIGHTIN BLUE HENS CORPORATION Balance Sheet December 31,2021 Liabilities Current Liabilities 12.000 Accounts Payable 150,000 Salaries Payable 6,000 Interest payable 30,000 Total current Liabilities S 198,000 Long Term Borrowings Notes Payable 400000 Total liabilities 1350001 Stockholders' equity S 265,000 Common stock Retained Earnings Total stockholdes' equity $ 463,000 | Total Liabilities and Stock holders' equity $ 12,000 $ 11,000 $ 5,000 $ 28,000 S 40.000 $ 68,000 $300,000 S 95.000 $395.000 $463,000 Total Assets

500,000 FIGHTIN BLUE HENS CORPORATION Income Statement For the Year Ended December 31, 2021 Revenue Service Revenue $ Expenses : Salaries Expenses $ 400.000 Rent Expenses $ 20,000 Depreciation Expenses $ 40,000 Interest Expenses S 5,000 Total expenses IS Net Income $ 465.000 35,000 FIGHTIN BLUE HENS CORPORATION Statement of stockholders' equity For the Year Ended December 31, 2021 Retained Common stoc Earnings Beginning Balance S 300.000 $ 60,000 Add: Net Income 35,000 $ 300,000 S 95,000 Less: Dividends -IS Ending Balance $ 300,000 $ 95,000