Question

Meyer's Home Supply Company Worksheet December 31, 2020 Account Cash Accounts Receivable Office Supplies Prepaid Store Insurance Inventory Store Equipment Accumulated Depreciation - Store Equipment Office Equipment Accumulated Depreciation - Office Equipment Accounts Payable Salaries Payable Unearned Revenue Note Payable (Due in 3 years) Common Stock Retained Earnings Dividends Sales Sales Returns and Allowances Cost of Goods Sold Advertising Expense Depriciation Expense - Office Equipment Depreciation Expense - Store Equipment Sales Salaries Expense Office Salaries Expense Sells Department Rent Expense Administration Rent Expense Store Insurance Expense Office Supplies Expense Trail Balance Debit Credit $ 32,800 $ 45,000 $ 1,100 $ 3,600 $ 52,000 $ $ 120,000 $ 80,000 $ 88,000 $ 32,500 $ 28,300 $ $ 24,000 $ $ 50,000 $ 20,000 $ 32,200 $ 10,000 $ 885,000 $ 36,000 $ 460,000 $ 36,000 $ $ $ $ $ 88,500 $ $ 120,000 $ $ 32,000 $ 27,000 $ $ $ $ $ 1,152,000 $ 1,152,000 $ Adjustments Adjusted Trial Balance Debit Credit Debit Credit $ 32,800 $ 45,000 $ 670 $ 430 $ 2,800 $ 800 1,200 $ 53,200 $ 120,000 $ 15,500 $ 95,500 $ 88,000 $ 10,000 $ 42,500 $ 28,300 $ 5,000 $ 5,000 12,000 $ 12,000 $ 50,000 $ 20,000 $ 32,200 $ 10,000 $ 12,000 $ 897,000 $ 36,000 $ 1,200 $ 458,800 $ 36,000 10,000 $ 10,000 15,500 $ 15,500 2,500 $ 91,000 2,500 $ 122,500 $ 32,000 $ 27,000 2,800 $ 2,800 670 $ 670 47,170 $ 47,170 $ 1,182,500 $ 1,182,500

Information provided to complete statement of retained earnings and balance sheet

Answer 1

Meyer's Home Supply Company Balance sheet As at 31.12.2020 Assets Statement of Retained Earnings For the period ending 31.12.2020 Beginning Balance Add:Net Income Less:Dividends Ending Balance 32200 64730 -10000 86930 Current Assets Cash Accounts Receivable Office Supplies Prepaid Store Insurance Inventory Amounts in $ Amounts in $ Liabilities Amounts in $ Amounts in $ Current Liabilities 32800 Accounts Payable 28300 45000 Salaries Payable 5000 430 Unearned Revenue 12000 45300 800 53200 132230 Non Current Liabilities Note Payable 50000 Non Current Assets Store Equipment Accum.Depre - Store Equip. Office Equipment Accum.Depre - Off. Equip. Total Assets 120000 -95500 88000 -42500 24500 Shareholders Equity Common Stock 45500 Retained Earnings 202230 Total Liabilities & Equity 20000 86930 106930 202230