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, 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 | $ |