Barnes Realtors, Inc. prepared the following random list ofassets, liabilities, revenues, and expenses from its December 31,2014 year end accounting records. Prepare the Income statement,Statement of retained earnings and the CLASSIFIED balance sheet forBarnes Realtors, Inc., as of December 31, 2014. Each of yourstatements should have the 3-line heading, and your balance sheetshould be a CLASSIFIED Balance Sheet.
Account Debit Credit Cash 800 Common Stock 11,640 Unearned Revenue 4,100 Inventory 2,000 Supplies Expense 1,200 Supplies 1,900 Prepaid Rent 500 Goodwill 6,000 Building 40,000 Depreciation Expense 1,400 Notes Payable, due 2020 2,300 Accounts Receiveable 1,000 Paid in Excess of Par 3,000 Retained Earnings 5,100 Income Tax Expense 8,040 Service Revenue 33,000 Rent Expense 2,300 Accounts Payable 7,500 Salaries Expense 6,400 Accumulated Depreciation 8,500 Dividends 2,000 Cost of Goods Sold 1,600 Totals 75,140 75,140
Barnes Realtors, Inc. prepared the following random list ofassets, liabilities, revenues, and expenses from its December 31,2014 year end accounting records. Prepare the Income statement,Statement of retained earnings and the CLASSIFIED balance sheet forBarnes Realtors, Inc., as of December 31, 2014. Each of yourstatements should have the 3-line heading, and your balance sheetshould be a CLASSIFIED Balance Sheet.
| Account | Debit | Credit |
| Cash | 800 | |
| Common Stock | 11,640 | |
| Unearned Revenue | 4,100 | |
| Inventory | 2,000 | |
| Supplies Expense | 1,200 | |
| Supplies | 1,900 | |
| Prepaid Rent | 500 | |
| Goodwill | 6,000 | |
| Building | 40,000 | |
| Depreciation Expense | 1,400 | |
| Notes Payable, due 2020 | 2,300 | |
| Accounts Receiveable | 1,000 | |
| Paid in Excess of Par | 3,000 | |
| Retained Earnings | 5,100 | |
| Income Tax Expense | 8,040 | |
| Service Revenue | 33,000 | |
| Rent Expense | 2,300 | |
| Accounts Payable | 7,500 | |
| Salaries Expense | 6,400 | |
| Accumulated Depreciation | 8,500 | |
| Dividends | 2,000 | |
| Cost of Goods Sold | 1,600 | |
| Totals | 75,140 | 75,140 |
Related questions
The adjusted trial balance of Cheyenne Cooper Co. as of December 31, 2017, contains the following.
| CHEYENNE COOPER CO. | ||||||
| Debit | Credit | |||||
| Cash | $20,177 | |||||
| Accounts Receivable | 7,625 | |||||
| Prepaid Rent | 2,985 | |||||
| Equipment | 18,755 | |||||
| Accumulated Depreciation-Equipment | $5,600 | |||||
| Notes Payable | 6,405 | |||||
| Accounts Payable | 6,177 | |||||
| Common Stock | 20,705 | |||||
| Retained Earnings | 12,015 | |||||
| Dividends | 3,705 | |||||
| Service Revenue | 12,295 | |||||
| Salaries and Wages Expense | 7,545 | |||||
| Rent Expense | 2,206 | |||||
| Depreciation Expense | 199 | |||||
| Interest Expense | 137 | |||||
| Interest Payable | 137 | |||||
| $63,334 | $63,334 | |||||
Prepare income statement, statement of retained earnings, and classified balance sheet
PLEASE answer number 2 (worksheet) I am really struggling with it.
Below is the unadjusted trial balance for Walton Anvils as of December 31, 2016, and the data for the adjustments. There is also an Excel Template for this problem that you may download and use (or you may use your own).
| Walton Anvils | ||
| Unadjusted Trial Balance | ||
| December 31, 2016 | ||
| Balance | ||
| Account Title | Debt | Credit |
| Cash | $ 16,900.00 | |
| Accounts Receivable | 17,500 | |
| Prepaid Rent | 2,500 | |
| Office Supplies | 1,900 | |
| Equipment | 23,000 | |
| Accumulated Depreciation - Equipment | $ 7,000.00 | |
| Accounts Payable | 6,200.00 | |
| Salaries Payable | ||
| Unearned Revenue | 5,600.00 | |
| Common Stock | 28,000.00 | |
| Retained Earnings | 1,600.00 | |
| Dividends | 4,500 | |
| Service Revenue | 20,800.00 | |
| Salaries Expense | 2,900 | |
| Rent Expense | ||
| Depreciation Expense - Equipment | ||
| Supplies Expense | ||
| Total | $ 69,200.00 | $ 69,200.00 |
Adjustment Data
| a. Unearned revenue still unearned at December 31, 2016 | $1,800 |
| b. Prepaid rent still in force at December 31, 2016 | $2,300 |
| c. Office supplies used | $1,400 |
| d. Depreciation | $380 |
| e. Accrued Salaries Expense at December 31, 2016 | $210 |
Requirements
1.Open T-accounts using the balances in the unadjusted trial balance.
2.Complete the worksheet for the year ended December 31, 2016.
3.Prepare the adjusting entries and post to the T-accounts.
4.Prepare the adjusted trial balance.
5.Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form.
6.Prepare the closing entries and post to the T-accounts.
7.Prepare a post-closing trial balance.
8.Calculate the current ratio for the company.
As of December 31, 2017, Armani companyβs financial records show the following items and amounts.
| Cash | $10,500 |
| Accounts Receivable | $9,500 |
| Supplies | $6,500 |
| Equipment | $5,500 |
| Accounts Payable | $10,500 |
| Common Stock | $15,000 |
| Retained Earnings, Dec. 31, 2016 | $4,500 |
| Retained Earnings, Dec. 31, 2017 | $6,500 |
| Dividends | $13,500 |
| Consulting Revenue | $34,000 |
| Rental Revenue | $23,000 |
| Salaried Expense | $20,500 |
| Rent Expense | $12,500 |
| Selling and Administrative Expense | $8,500 |
You are required to prepare an Income Statement, Statement of Retained Earnings and Balance Sheet for the year ended December 31, 2017.
