______________________________________________________ Ensley, Inc. Adjusted Trial Balance December 31, 2020 Debit Credit Cash 83,050 Accounts Receivable 220,000...
______________________________________________________
| Ensley, Inc. | |||||
| Adjusted Trial Balance | |||||
| December 31, 2020 | |||||
| Debit | Credit | ||||
| Cash | 83,050 | ||||
| Accounts Receivable | 220,000 | ||||
| Prepaid Insurance | 24,000 | ||||
| Supplies | 2,700 | ||||
| Inventory | 48,000 | ||||
| Equipment | 160,000 | ||||
| Accumlated Depreciation- Equipment | 30,000 | ||||
| Accounts Payable | 159,500 | ||||
| Interest Payable | 1,333 | ||||
| Wages Payable | 500 | ||||
| Unearned Revenue - Alarm Systems | 4,000 | ||||
| Long-Term Bank Note Payable | 100,000 | ||||
| Common Stock | 75,000 | ||||
| Retained Earnings | 84,050 | ||||
| Dividends | 7,000 | ||||
| Revenue | 403,000 | ||||
| Cost of the Goods Sold | 132,500 | ||||
| Depreciation Expense - Equipment | 0 | ||||
| Insurance Expense | 12,000 | ||||
| Interest Expense | 1,333 | ||||
| Rent Expense | 24,000 | ||||
| Supplies Expense | 3,600 | ||||
| Utilities Expense | 8,700 | ||||
| Wage Expense | 130,500 | ||||
| Totals | $857,383.30 | $857,383.30 | |||
______________________________________________
| Ensley, Inc. | |||||
| Income Statement | |||||
| Month End December 31, 2020 | |||||
| Debit | Credit | ||||
| Revenue | |||||
| Service Revenue | $403,000 | ||||
| Expenses | |||||
| Depreciation Expense - Equipment | $0 | ||||
| Interest Expense | $1,333 | ||||
| Rent Expense | $24,000 | ||||
| Wage Expense | $130,500 | ||||
| Supplies Expense | $3,600 | ||||
| Total Expenses | $159,433 | ||||
| Net Income |
$243,567 |
||||
_______________________________________________________
(Not sure income statment is entirely correct. If you notice something incorrect please make the changes)
Using the Adjusted Trial Balance and the Income Statement, prepare the Statement of Retained Earnings for Ensley, Inc.
Homework Answers
|
Statement of retained earnings of Ensley, Inc for the year ended December 31 2020
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______________________________________________________
Ensley, Inc.
Adjusted Trial Balance
December 31, 2020
Debit
Credit
Cash
83,050
Accounts Receivable
220,000...
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