Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following is the easton company's adjusted tri

The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31,...

Free

50.1K

Verified Solution

Question

Accounting

The following is the Easton Company's adjusted Trial Balance.Easton Company Adjusted Trial Balance December 31, 2018 AccountTitle Debit Credit Cash $88,665 Accounts Receivable 232,000Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings127,145 Service Revenue 877,105 Interest Income 5,500 Dividends7,000 Rent Expense 59,900 Wages Expense 529,000 Supplies Expense40,000 Utilities Expense 8,000 Depreciation Expense 150,000________ Totals $1,526,565 $1,526,565 Use this information toprepare the Balance Sheet for the fiscal year. There are additionallines in the formatted Balance Sheet form to allow for authorizedalternate presentations.

Answer & Explanation Solved by verified expert
4.0 Ratings (415 Votes)

Income statement

Service revenue 877,105
Interest income 5,500
Total revenues 882,605
Less: Expenses
Rent expense - 59,900
Wages expense - 529,000
Supplies expense - 40,000
Utilities expense - 8,000
Depreciation expense - 150,000
Net income $95,705

Retained earnings statement

Retained earnings, beginning 127,145
Net income 95,705
Dividends - 7,000
Retained earnings, ending $215,850

Balance sheet

Assets $ Liabilities and equity $
Current assets Current liabilities
Cash 88,665 Accounts payable 72,555
Accounts receivable 232,000 Stockholders' equity
Supplies 17,000 Capital stock 220,000
Total current assets 337,665 Retained earnings 215,850
Equipment 395,000 Total stockholders' equity 435,850
Accumulated depreciation (224,260)
Net property, plant and equipment 170,740
Total assets 508,405 Total liabilities and stockholders' equity 508,405

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

Advance Math
1.2K views

7 2 -3 x1 -12 2 5 -3 x2 = -20 1 5 -6 x3 -26 LU Decomposition...

Statistics
1.2K views

A. Suppose we test the proportions of people who like having a cup of coffee early...

Medical Sciences
1.2K views

You trip and fall and a scalpel ends up between your ribs and breathing becomes difficult....

Physics
1.2K views

1. The Cosmic Microwave Background and Prizewinning Cosmology (a) How can we see the CMB if the...

Advance Math
1.2K views

1) In this problem, you may use the fact (which we will prove in Chapter 6)...

Geometry
1.2K views

You are playing Monopoly with a friend She owns and has developed Park Place and...

Geometry
1.2K views

1 The oblique circular cone has an altitude and a diameter of base that are...

Accounting
1.2K views

A company made the following expenditures in connection with the construction of its new building:...

Accounting
1.2K views

DIRECTIONS ...

Accounting
1.2K views

Last year Minden Company introduced a new product and sold 16,000 units at a price...

Finance
1.2K views

2. [3 points) Assume the initial margin on crude oil is $4,980 per contact and...

Accounting
1.2K views

PLEASE ANSWER ALL REQUIRED PARTS Joyner Company's income statement for Year 2...