From the Adjusted Trial Balance, find the entry for the: Income Statement, Statement of Retained...

50.1K

Verified Solution

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!
Become a Member

Other questions asked by students