Question

Balance Sheet, Income Statement, and Statement of Retained earnings

* 100% Files 3:37 PM Sun Feb 16 Sandifer's Trial balance Home Insert Draw Formulas Data Calibri (Body) 11 BLUE A Review R View A O Sandifer's Accounting Service, Inc. Trial Balance For the year ended 12/31/19 Debit Credit $ 156,500 116,650 $ 51,250 2.950 1,700 260,000 125,000 111,500 167,000 24,000 5,650 & Cash 9 Accounts Recieveable 10 Allowance for Doubtful Accounts 11 Supplies 12 Prepaid insurance 13 Building 14 Equipment 15 Land 16 Accumulated Depreciation 17 Investment in Bonds held to Maturity 18 Accounts Payable 19 Current Maturity of Note Payable 20 Note Payable 21 Unearned Revenue 22 Interest Payable 23 Salaries Payable 24 common stock 25 Retained earnings 26 Service Revenue 27 Advertising Expense 28 Depreciation Expense 29 Insurance Expense 30 interest Expense 31 Rent Expense 32 Salaries Expense 33 Supplies Expense 34 Travel Expense 35 Utilities Expense 6 Loss on Sale of Equipment 37 Total 170,000 2,000 1,500 1,950 49,100 100,000 488,700 6,000 55,600 5.800 6.700 155,000 2,200 6.200 $ 1,040,150 $ 1,040,150 Sheet1 Sheet2 Sheet3 +.

Answer 1

Income Statement
Particulars	$	$
Service Revenue		$4,88,700
Expenses:
Advertising Expense	$6,000
Depreciation Expense	$55,600
Insurance Expense	$5,800
Interest Expense	$1,800
Rent Expense	$6,700
Salaries Expense	$1,55,000
Supplies Expense	$2,200
Travel Expense	$550
Utilities Expense	$6,200
Loss on sale of equipment	$2,000	$2,41,850
Net Income		$2,46,850

Statement of Retained Earnings
Particulars	$	$
Opening Balance	$1,00,000
Net Income	$2,46,850
Closing Balance		$3,46,850

Balance Sheet
Particulars	$	$
Assets
Non-Current Assets:
PPA:
Building	$2,60,000
Equipment	$1,25,000
Land	$1,11,500
-Accumulated Depreciation	-$1,67,000	$3,29,500
Non-Current Investments:
Investments in Bond held to maturity	$24,000	$24,000
Current Assets:
Cash	$1,56,500
Accounts Receivable	$1,16,650
-Allowance for Doubtful Debts	-$51,250
Supplies	$2,950
Prepaid Insurance	$1,700	$2,26,550
TOTAL		$5,80,050
Equity and Liabilities
Equity:
Common Stock	$49,100
Retained Earnings	$3,46,850	$3,95,950
Liabilities:
Non-Current Liabilities:
Note Payable	$1,70,000	$1,70,000
Current Liabilities:
Accounts Payable	$5,650
Current Maturity of Note Payable	$3,000
Unearned Revenue	$2,000
Interest Payable	$1,500
Salaries Payable	$1,950	$14,100
TOTAL		$5,80,050