Question

VLOUSES 15/165/USSignments/bU5001bmodule item_id=14401505 Pronghorn Company ended its fiscal year on July 31, 2019. The company's adjusted trial balance as of the end of its fiscal year is shown below. Pronghorn Company Adjusted Trial Balance July 31, 2019 Account Titles No. Debit Credit 101 Cash $9,400 112 9.200 157 Accounts Receivable Equipment Accumulated Depreciation-Equip. 16,300 158 $7,700 201 Accounts Payable 4,700 1,600 208 Unearned Rent Revenue 18,200 311 Common Stock 29.000 320 Retained Earnings 16,400 Dividends 332 63.900 400 Service Revenue 6,900 429 Rent Revenue 9,500 711 Depreciation Expense K

Answer 1

Income statement

Revenues
Service revenue	$63,900
Rent revenue	$6,900
Total revenue		$70,800
Expenses:
Salaries and wages	$56,300
Utilities expenses	$14,900
Depreciation expense	$9,500
Total expenses		$80,700
Net income (loss)		($9,900)

Statement of Retained earnings

Retained earnings, Aug 1		$29,000
Less: net loss	($9,900)
Less: Dividends	($16,400)
		($26,300)
Retained earnings, July 31		$2,700

Balance sheet

Assets
Current assets:
Cash	$9,400
Accounts receivable	$9,200
Total current assets		$18,600
Property, plant and equipment
Equipment	$16,300
Less: Accumulated depreciation	($7,700)
Total property, plant and equipment		$8,600
Assets		$27,200
Current liabilities:
Accounts payable	$4,700
Unearned rent revenue	$1,600
Total current liabilities		$6,300
Stockholders equity
Common stock	$18,200
Retained earnings	$2,700
Total stockholders equity		$20,900
Total liabilities and stockholders equity		$27,200

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