Question

Preparing Financial Statements and Closing Entries Beneish Corporation has the following account balances at December 31, the end of its fiscal year. Debit Credit Cash $ 2,000 Accounts receivable 3,250 Equipment 39,000 Accumulated depreciation $ 7,000 Notes payable 5,000 Common stock 21,500 Retained earnings 10,300 Dividends 4,000 Service fees earned 35,500 Rent expense 9,000 Salaries expense 18,550 Depreciation expense 3,500 Totals $79,300 $79,300

Answer 1

Income Statement for the year ending December 31

Revenue	$ 35,500
Rent	$ (9,000)
Salaries	$       (18,550)
Depreciation	$         (3,500)
Net income	$ 4,450

Statement of stockholders equity for the year ending December 31

	Common stock	Retained earnings	Total Stockholders' Equity
Balance on Dec 31, Beg	$ 21,500	$ 10,300	$ 31,800
Stock Issuance	0	$ 0	$ 0
Dividends	0	$                     (4,000)	$                     (4,000)
Net income	0	$ 4,450	$ 4,450
Balance on Dec 31, End	$              21,500	$ 10,750	$ 32,250

Balance sheet as at December 31

Assets		Liabilities
Cash	2,000
Accounts receivable	3,250	Notes Payable	5,000
Equipment, Gross	39,000	Total Liabilities
Accumulated depreciation	7,000	Common stock	21,500
Equipment, Net	32,000	Retained earnings	10,750
Total Assets	37,250	Total liabilities and Equity	37,250

Retained earnings
Dividend	$          4,000	Bal	$        10,300
		Income summary	$ 4,450
		Bal closing	$        10,750

Service fee earned
Income summary	$        35,500	Bal	$        35,500
		Bal closing	$                 -
Rent Expenses
Bal	$        9,000	Income summary	$        9,000
		Bal closing	$                 -
Depreciation Expenses
Accumulated depreciation	$          3,500	Income summary	$          3,500
Bal closing	$                 -
Salaries Expenses
Bal	$        18,550	Income summary	$        18,550
		Bal closing	$                 -
Dividends
Cash	$          4,000	Retained earnings	$          4,000
		Bal closing	$                 -

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