On December 31, 2016, the accounts in the ledger of Parris Co.are listed below. All accounts have normal balances. At thebeginning of the year, retained earning balance is $4,000.
Note Payable due 10/31/2018
$ 10,000
Accounts Receivable
6,000
Accumulated Depreciation- Equipment (Creditbalance)
6,000
Dividends
1,000
Cash
16,000
Depreciation Expense
5,000
Equipment
12,000
Fees Earned
50,000
Rent Expense
6,000
Supplies
2,000
Supplies Expense
3,000
Wages Expense
21,000
Wages Payable
2,000
generate Retained Earnings Statement and a Balance Sheet
On December 31, 2016, the accounts in the ledger of Parris Co.are listed below. All accounts have normal balances. At thebeginning of the year, retained earning balance is $4,000.
Note Payable due 10/31/2018 | $ 10,000 |
Accounts Receivable | 6,000 |
Accumulated Depreciation- Equipment (Creditbalance) | 6,000 |
Dividends | 1,000 |
Cash | 16,000 |
Depreciation Expense | 5,000 |
Equipment | 12,000 |
Fees Earned | 50,000 |
Rent Expense | 6,000 |
Supplies | 2,000 |
Supplies Expense | 3,000 |
Wages Expense | 21,000 |
Wages Payable | 2,000 |
generate Retained Earnings Statement and a Balance Sheet
Related questions
On December 31, 2016, the accounts inthe ledger of Monroe Entertainment Co. are listed below. Allaccounts have normal balances. At the beginning of the year,retained earning balance is $4,000.
Note Payable due 10/31/2018 | $ 10,000 |
Accounts Receivable | 6,000 |
Accumulated Depreciation- Equipment (Creditbalance) | 6,000 |
Dividends | 1,000 |
Cash | 16,000 |
Depreciation Expense | 5,000 |
Equipment | 12,000 |
Fees Earned | 50,000 |
Rent Expense | 6,000 |
Supplies | 2,000 |
Supplies Expense | 3,000 |
Wages Expense | 21,000 |
Wages Payable | 2,000 |
Q1. Generate the Income statement
| Monroe Entertainment Company Income Statement | ||
For the Year Ended December 31, 2016 | ||
Revenues: | ||
S | ||
Total Revenue | ||
Expenses: | ||
Total Expenses: | ||
Net Income | $ | |
Please generate Retained Earnings Statement based uponthe above information and net income youcalculated.
Monroe Entertainment Company
Retained Earnings Statement
For the Year Ended Dec 31, 2016
Retained Earnings at beginning of the year | $___________________ |
Net Income | _____________________ |
Less: Dividends | _____________________ |
Net Increase/(Decrease) in the end | ______________________ |
Retained Earnings at end of the year | $_____________________ |
Please generate Balance Sheet as of December 31, 2016.
| Monroe Entertainment Company Balance Sheet | |||||
Dec 31, 2016 | |||||
Assets | Liabilities | ||||
$ | $ | ||||
Total Assets | $ | Total Liabilities and Shareholdersâ Equity | $ | ||
On December 31 adjusting entries for the following transactions.1. Fees accrued but not billed, $6,300. 2. The Supplies accountbalance on December 31, $4,750; Supplies on hand, $960. 3. Wagesaccrued but not paid, $2,700. 4. Depreciation of office equipment,$1,650. 5. Rent expired during year, $10,800.
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General Journal
Prepare the December 31 adjusting entries for each transactions.Refer to the Chart of Accounts for exact wording of accounttitles.
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JOURNAL
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