Questions 4 through 10 that follow are based on the following December 31, 20X6 year-end...
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Accounting
Questions 4 through 10 that follow are based on the following December 31, 20X6 year-end account balances for XYZ Co. after adjusting entries had been prepared but before the books were closed for the year. Cash...358,960 Accounts receivable...724,500 Prepaid insurance.....25,900 Prepaid rent..48,000 Office supplies.15,600 Equipment..450,000 Accumulated depreciation: equipment...220,000 Land621,000 Accounts payable301,320 Dividends payable 45,000 Interest payable..15,000 Income tax payable....12,500 Unearned client service revenue....30,000 Notes payable (due December 20X9)..350,000 Common stock..845,000 Retained earnings.....303,200 Dividends....65,000 Client service revenue.......950,000 Travel expense.....35,500 Office supplies expense...22,000 Advertising expense.30,400 Salary expense....407,000 Utility expense......22,500 Depreciation expense: equipment.30,000 Interest expense.17,500 Insurance expense......22,500 Rent expense.75,000 Income tax expense 100,660
5.Prepare the statement of retained earnings for the year ended December 31, 20X6.
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