Question

I need to help understanding how to put together an income statement, retained earnings statement and the balance sheet based off of Jones Company Adjusted Trial Balance
Jones Company Adjusted Trial Balance December 31, 2018 122,000 30,000 4,000 24,000 110,000 15,000 75,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 50,000 8,000 9,000 7,000 45,000 46,000 67,600 5,000 503,900 10,000 45,000 15,000 54,000 22,000 152,000 14,500 4,000 35,000 736,500 736,500

Answer 1

$ 503900 Jones Company Income Statement For the year ended Decemebr 31, 2018 Revenue : Service Revenue Expense : Repair Expense 10000 Delivery Expense 45000 Depreciation Expense 15000 Rent Expense 54000 Insurance Expense 22000 Wages Expense 152000 Supplies Expense 14500 Interest Expense 4000 Income Tax Expense 35000 Total Expense $ 351500 Net Income $ 152400

Jones Company Statement of Retained Earning For the year ended Decemebr 31,2018 Retained Earning January 01,2018 $ 67600 Add : Net Income 152400 220000 Less : Dividend (5000) Retained Earning December 31,2018 $ 215000

Jones Company Balancesheet For the year ended Decemebr 31,2018 Assets Amount ($) Amount ($) Current Asset Cash 122000 Account Receivable 30000 Supplies 4000 Prepaid Insurance 24000 Inventory 110000 Total Current asset 290000 Propert, plant and equipment Vehicle 15000 Equipment 75000 Less : Accumulated Depreciation -50000 Propert, plant and equipment - net 40000 Total Assets 330000 Liabilities and Stockholders' Equity Current Liabilities Account Payable 8000 Unearned Revenue 9000 Wage Payable 7000 Total Current Liabilities 24000 Long term liabilities Long-Term Notes Payable 45000 Stockholders' Equity Common stock 46000 Retained Earning 215000 Total stockholders' equity 261000 Total liabilities and stockholders' equity 330000

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