Question

EI3z1 Abbade AaBbCD AaBb Cad AaBb Cad AaBbCcDdf Heading 3 Headings Heading 7 Hesding Nam Helena, Inc. December 31, 2017 Adjusted Trial balance Debit Credit Cash 36,000 Accounts Receivable 38,900 Allowance for Doubtful Accounts 2,000 Short Term Note Receivable 50,000 Interest Receivable 1,350 Supplies 5,000 Prepaid Insurance 44,000 Inventory 6,500 Vehicle 16,000 Equipment 45,000 Accumulated Depreciation 24,000 Accounts Payable 4,000 Unearned Revenue 14,000 Wages Payable 2000 Long-Term Notes Payable 35,000 Common Stock 98,000 Retained Earings (1/1/2017) 2.500 Dividends 2,000 Sales 519,500 Sales Returns & Allowances 1,000 Sales Discounts 3,000 Cost of Goods Sold 47,500 Delivery Expense 5,000 Depreciation Expense 19,000 Bad Debt Expense 2,600 Rent Expense 94,000 Insurance Expense 25,000 Wages Expense 195,000 Supplies Expense 16,000 Interest Revenue 1,350 Loss on Disposal 7,000 Interest Expense 10,500 Income Tax Expense 32,000 Total 702 350 702,350 tates) Focus MacBook Air

Answer 1

Answer :

1. Helena, Inc.

Income Statement

For the year ended December 31, 2017

Particulars	Amount (in $)	Amount (in $)
Revenues :
Sales	519,500
Less : Sales returns and allowances	(1,000)
Sales discounts	(3,000)
Net Sales		515,500
Interest revenue		1,350
Expenses :
Cost of goods sold	47,500
Delivery expense	5,000
Depreciation expense	19,000
Bad debt expense	2,600
Rent expense	94,000
Insurance expense	25,000
Wages expense	195,000
Supplies expense	16,000
Loss on disposal	7,000
Interest expense	10,500
Income tax expense	32,000
Total expense		(453,600)
Net Income		63,250

2. Helena, Inc.

Statement of Retained Earnings

For the year ended December 31, 2017

Particulars	Amount (in $)
Retained earnings, beginning	2,500
Add : Net Income	63,250
Less : Dividends	2,000
Retained earnings, ending	63,750

3. Helena, Inc.

Balance Sheet

As of December 31, 2017

ASSETS	Amount (in $)
Current Assets
Cash	36,000
Accounts receivable 38,900
Less : Allowance for doubtful accounts 2,000	36,900
Short tem note receivable	50,000
Interest receivable	1,350
Supplies	5,000
Prepaid Insurance	44,000
Inventory	6,500
Total Current assets		179,750
Long term assets
Vehicle	16,000
Equipment 45,000
Less : Accumulated depreciation 24,000	21,000
Total Long term assets		37,000
TOTAL ASSETS		216,750
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable	4,000
Unearned revenue	14,000
Wages payable	2,000
Total Current liabilities		20,000
Long term liabilities
Long term notes payable		35,000
Shareholders' equity
Common shares		98,000
Retained earnings		63,750
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		216,750