Question

Use your adjusted trial balance to prepare Single Step Income Statement

Answer 1

SPORTS RUS Retained Earnings Statement For Month Ended June 30,2019 Beginning Retained Earnings, $ 35,500 Add: Net Income $ 7,850 Subtotal $ 43,350 Less: Dividends declared $ 2.500 Ending Retained Earnings $ 40,850 24,250 13,500 37,750 SPORTS RUS Income Statement For Month Ended June 30, 2019 Revenues: Service Revenue Sales Revenue $ Total Revenues S Operating Expenses: Cost of goods sold $ 9,200 Rent Expense $ 2.900 Telephone Expense $ 650 Salaries Expense $ 10,050 Office Supplies Expense $ 3,500 Interest Expense $ 600 Insurance Expense $ 200 Depreciation Expense $ 2,800 Total Expenses $ Net Income $ $ 55,000 $ 12,500 $ 11,450 $ 3,200 $ 11,050 $ 106,000 -$ 25,800 $ 173,400 SPORTS RUS Balance sheet As at June 30,2019 Assets: Cash Accounts Receivable Prepaid Insurance Office Supplies Merchandise Inventory Property, plant and Equipment Less:Accumulated Depreciation Total Assets Liabilities: Accounts Payable Unearned Revenue Salaries Payable Interest Payable Bank Loan Total Liabilities Stockholders Equity: Common Stock Retained Earnings Total Stockholders' Total Liabilities and Stockholders' Equity $ 32,750 $ 4,200 $ 4,300 $ 300 $ 21,000 $ 62,550 29,900 7,850 $ 70,000 $ 40,850 $ 110,850 $ 173,400

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