From the Adjusted Trial Balance, find the entry for the: Income Statement, Statement of Retained...
50.1K
Verified Solution
Link Copied!
Question
Accounting
From the Adjusted Trial Balance, find the entry for the: Income Statement, Statement of Retained Earnings, and the Balance Sheet. (I have done the income statement, but couldn't get the answer for statement of retained earnings and balance sheet). Please let me know if you need more information and thank you so much for the help.
Sharpe Incorporated
Adjusted Trial Balance
December 31, 2020
Account Name
Debit
Credit
Cash
947,725
Accounts Receivable
1,475,000
Prepaid Insurance
22,875
Land
352,000
Equipment
195,000
Accumulated Depreciation
19,580
Vacation Pay Payable
11,880
Interest Payable
5,833
Notes Payable
38,840
Common Dividends Payable
Preferred Dividends Payable
Bonds Payable
1,000,000
Bond Discount
67,774
Common Stock
115,208
PIC in Excess of Par - Common Stock
664,392
Preferred Stock
189,000
PIC in Excess of Par - Preferred Stock
337,000
PIC - Treasury Stock
Stock Dividend Distributable
Retained Earnings
26,589
Treasury Stock
20,900
Fees Earned
1,975,000
Advertising Expense
140,000
Commissions Expense
63,000
Depreciation Expense
19,580
Insurance Expense
13,725
Legal & Accounting Expense
18,000
Medical Insurance Expense
32,000
Miscellaneous Expense
8,400
Rent Expense
170,000
Salary Expense
760,000
Utilities Expense
13,200
Vacation Pay Expense
11,880
Interest Expense
52,264
4,383,322
4,383,322
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!