Question

Blue Spruce Company ended its fiscal year on July 31, 2019. The company's adjusted trial balance as of the end of its fiscal year is shown below. Blue Spruce Company Adjusted Trial Balance July 31, 2019 No. Account Titles Debit Credit 101 Cash $9,700 112 Accounts Receivable 9,500 157 Equipment 15,500 158 Accumulated Depreciation-Equip. $7,300 201 Accounts Payable 5,000 208 Unearned Rent Revenue 1,600 311 Common Stock 16,000 320 Retained Earnings 29,000 332 Dividends 16,000 400 Service Revenue 64,500 429 Rent Revenue 711 Depreciation Expense 7,500 726 Salaries and Wages Expense 56,400 732 Utilities Expense 15,300 $129,900 $129,900 6,500 Prepare an income statement for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Blue Spruce Company Income Statement

Answer 1

Blue Spruce Company
Income Statement
For the Month Ended July 31
Revenues
Service revenue	64,500
Rent revenue	6,500
Total revenue		71,000
Expenses
Depreciation expense	-7,500
Salaries and wages expense	-56,400
Utilities expense	-15,300
Total expenses		-79,200
Net Loss		($8,200)

Blue Spruce Company
Statement of Retained Earnings
For the Month Ended July 31
Beginning retained earnings		29,000
Less:Net loss	-8,200	0
Less:Dividends	-16,000
		-24,200
Retained earnings, Ending		$4,800

Blue Spruce Company
Balance Sheet
For the Month Ended July 31
Assets		Amount
Current Assets:
Cash	9,700
Accounts receivable	9,500
Total Current Assets		19,200
Plant,Assets :
Equipment	15,500
Less:Accumulated Depreciation	-7,300
Total plant asset		8,200
Total Assets		27,400
Current Liabilities:
Accounts payable	5,000
Unearned rent revenue	1,600
Total Current liabilities		6,600
Stockholders Equity:
Common stock	16,000
Retained earnings	4,800
Total stockholders equity		20,800
Total Liabilities & Stockholders Equity		27,400

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