Question

To the left of each account listed on the trial balance, indicate the financial statement that will include the account : income statement (IS), statement of retained earnings (RE), or balance sheet (BS).

Score: 0 of 2 pts Question Help S2-13 (book/static) To the left of each account listed on the trial balance, indicate the financial statement that will include the account: income statement (IS), statement of retained eamings (RE), or balance sheet (BS). Mylar, Inc. Trial Balance December 31, 2018 Account Debit Credit Cash IS 12.100 Accounts receivable 1,900 Supplies Equipment Accounts payable 250 6,000 1,830 Notes payable Common stock 10,000 8,500 Dividends 700 Service revenues 3,500 Salaries expense 1,740 Rent expense 800 340 Utles expense 23,830 23,830 S Total Choose from any drop-down list and then click Check Answer. All parts showing Clear All Check Answer

Answer 1

Mylar, Inc. Trial Balance December 31, 2018 Credit Debit Account $12,100 1,900 Cash BS Accounts receivable BS Supplies Equipment Accounts payable BS 250 BS 6,000 $1,830 BS Notes payable BS 10,000 BS Common stock 8,500 Dividends RE 700 Service revenues IS 3,500 Salaries expense IS 1,740 Rent expense Utilities expense 800 IS IS 340 $23,830 $23,830 Total

Presentation:

Mylar, Inc. Income Statement For the year ended December 31, 2018 Service Revenue 3,500 Expenses: Rent Expense 800 Utilities Expense 340 Salaries Expense 1,740 Total Expenses 2,880 Net Income 620

Mylar, Inc. Statement of Retained Earnings For the year ended December 31, 2018 Beginning Balance Add: Net Income Less: Dividends Ending Balance 620 (700) (80) %24 %24 %24 %24

• Dividend paid is reduced from the retained earnings.

Mylar, Inc. Balance Sheet December 31, 2018 Liabilities Assets Fixed Assets Accounts Payable 1,830 6,000 Notes Payable Equipment 10,000 Current Assets Cash Total Liabilities 12,100 11,830 Stockholders' Equity Accounts Receivable 1,900 250 Common Stock Retained Earnings Supplies 8,500 (80) Total Stockholders' Equity 8,420 Total Liabilities and Stockholders' Equity $ Total Assets 20,250 20,250