Question

THE MAIN STREET CASUALS SHOPPE, INC Trial Balance February 29, 20xx crual Basis Feb 29, 16 146,912.00 101,000.00 2,500.00 3,000.00 300,000.00 100,000.00 40,000.00 10000 Cash in Bank 10500-Inventory 10600 Accounts Recelvable 11000- Prepaid Advertising 4000 Building 14600 Furniture and Fixtures 17100 Accumulated Depreciation- Build 17101 Accumulated Depreciation-F&F 22500 Accounts Payable 22600 Accrued Utilities Payable 22700 Accrued Interest Payable 22800 Accrued Salaries Payable 22850 Professional Fees Payable 22900 Accrued Income Tax Payable 23000 Unearned Rent Revenue 2,000.00 1,333.00 100,000.00 1,668.00 100.00 1,500.00 5,000.00 8,000.00 350,000.00 200,000.00 128,500.00 25000 Note Payable-Flushing Bank 30100 Capital Stock 45000 Sales 5000 Cost of Goods Sold 60500 Advertising Epense 60550 Accounting Fees Exepnse 62450 Depreciation Expense- Building 62451 Depreciation Expense- Furniture 89,000.00 1,000.00 1,500.00 2000.00 1,333.00 3,106.00 3,100.00 1.450.00 5,000.00 3400 Interest Expense 65000-Salary Expense 68700 Utility Expense 69000 Income Tax Expense 7000 Rental Income 2.000.00 800,901.00 800,901.00 TOTAL Using the 3 column green columnar paper, prepare: The Income Statement The Statement of Retained Earnings The Balance Sheet As of February 29th 20xx 1. Must be stapled 2. Collate in the following order a. Balance Sheet b. Income Statement c. Statement of Retained Earnings 3. Submission Date May 13, 2019

Answer 1

	Income statement
	Sales	128500
	Rental income	2000
	Total revenue		130500
	Expense
	Cost of goods sold	89000
	Advertising expense	1000
	Accounting fees expense	1500
	Depreciation expense - building	2000
	Depreciation expense - furniture	1333
	Interest expense	3106
	Salary expense	3100
	Utility expense	1450
	Income tax expense	5000
	Total expense		107489
	Net income		23011
	Retained earnings statement
	Beginning retained earnings	0
Add	Net income	23011
		23011
Less	Dividend	0
	Ending retained earnings	23011
	Balance sheet
	Assets
	Cash in bank	146912
	Inventory	101000
	Accounts receivable	2500
	Prepaid advertising	3000
	Total current assets		253412
	Plant property and equipment
	Land	100000
	Building	300000
	Accumulated depreciation building	-2000
	Furniture and fitting	40000
	Accumulated depreciation furniture and fitting	-1333
	Total plant , property and equipment		436667
	Total assets		690079
	Liabilities and stockholders equity
	Accounts payable	100000
	Accrued utilities payable	800
	Accrued interest payable	1668
	Accrued salaries payable	100
	Professional fees payable	1500
	Accrued income tax payable	5000
	Unearned rent revenue	8000
	Total current liabilities		117068
	Notes payable flushing bank		350000
	Total liabilities		467068
	Stockholders equity
	Capital stock	200000
	Retained earnings	23011
	Total stockholders equity		223011
	Total liabilities and stockholders equity		690079