On December 31, 2018, the accounts in the ledger of MonroeEntertainment Co. are listed...

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Accounting

On December 31, 2018, the accounts in the ledger of MonroeEntertainment Co. are listed below. All accounts have normalbalances. At the beginning of the year, retained earning beginningbalance is $3,000. Cash $ 16,000 Accounts Receivable 6,000Equipment 12,000 Accumulated Depreciation- Equipment (CreditBalance) (6,000) Other Assets 1,000 Accounts Payable 1,800Long-term Note Payable 10,000 Common Stock 1,000 Sales 50,000 Costof Goods sold 21,000 Selling Salaries Expense 3,000 AdministrationWages Expense 6,000 Depreciation Expense (Office Equipment) 5,000Interest Expense 800 Dividends $ 1,000
1. Generate the Multi-Step Income Statement below (10 points) 2.Generate Retained Earnings Statement based upon the aboveinformation and net income you calculated. (10 points). 3. GenerateBalance Sheet as of December 31, 2018 (15 points). ?

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3.9 Ratings (573 Votes)

Multiple step income statement- Monroe Compan
Sales		$50,000.00
Less: Cost of goods sold		-$21,000.00
Gross profit		$29,000.00
Less: Operating expense
Selling Salaries Expense	$3,000.00
Administration Wages Expense	$6,000.00
Depreciation Expense (Office Equipment)	$5,000.00
Total expense		-$14,000.00
Operating income		$15,000.00
Other expense
Interest expense		-$800.00
Net income		$14,200.00

Statement of retained earnings- Monroe Company
Beginning retained earnings	$3,000.00
Add: Net income	$14,200.00
Less: Dividend	-$1,000.00
Ending retained earnings	$16,200.00

Balance sheet-Monroe Entertainment
Assets
Current assets
Cash	$16,000.00
Account receivable	$6,000.00
Total current assets		$22,000.00
Non Current assets
Equipment	$12,000.00
Less: Accumulated Depreciation- Equipment	-$6,000.00	$6,000.00
Other assets		$1,000.00
Total Assets		$29,000.00

Liabilities and stockholder's equity
Current liabilities
Account payable		$1,800.00
Long term liabilities
Long term notes payable		$10,000.00
Total liabilities		$11,800.00
Stockholder's equity
Common Stock	$1,000.00
Retained earnings	$16,200.00
Total Stockholder's equity		$17,200.00
Total liabilities and stockholder's equity		$29,000.00

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In: AccountingOn December 31, 2018, the accounts in the ledger of MonroeEntertainment Co. are listed below....On December 31, 2018, the accounts in the ledger of MonroeEntertainment Co. are listed below. All accounts have normalbalances. At the beginning of the year, retained earning beginningbalance is $3,000. Cash $ 16,000 Accounts Receivable 6,000Equipment 12,000 Accumulated Depreciation- Equipment (CreditBalance) (6,000) Other Assets 1,000 Accounts Payable 1,800Long-term Note Payable 10,000 Common Stock 1,000 Sales 50,000 Costof Goods sold 21,000 Selling Salaries Expense 3,000 AdministrationWages Expense 6,000 Depreciation Expense (Office Equipment) 5,000Interest Expense 800 Dividends $ 1,0001. Generate the Multi-Step Income Statement below (10 points) 2.Generate Retained Earnings Statement based upon the aboveinformation and net income you calculated. (10 points). 3. GenerateBalance Sheet as of December 31, 2018 (15 points). ?