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11 Dec 2019
On December 31, fighting okra cooking services reports the following revenues and expenses.
Service Revenue $75,000
Rent Expense $10,600
Postage Expense $1,500
Salaries Expense 24,000
Legal Fee Expense $2,400
Supplies Expense $14,500
In addition, the balance of common stock at the beginning of the year was $200,000 and the balance of the retained earnings was $32,000. During the year the company issued additional shares of common stock for $25,000 and paid a dividend of $10,000.
Required:
1. Prepare an Income statement.
2. Prepare a statement of stockholder's equity.
On December 31, fighting okra cooking services reports the following revenues and expenses.
Service Revenue $75,000
Rent Expense $10,600
Postage Expense $1,500
Salaries Expense 24,000
Legal Fee Expense $2,400
Supplies Expense $14,500
In addition, the balance of common stock at the beginning of the year was $200,000 and the balance of the retained earnings was $32,000. During the year the company issued additional shares of common stock for $25,000 and paid a dividend of $10,000.
Required:
1. Prepare an Income statement.
2. Prepare a statement of stockholder's equity.
Deanna HettingerLv2
13 Apr 2020
Related questions
Valley company’s adjusted trial balance on August 31, 2017, its fiscal year-end, follows.
| Account Title | Debit | Credit |
| Merchandise Inventory | $41,000 | |
| Other (non-inventory) assets | $130,400 | |
| Total Liabilities | $25,000 | |
| Common Stock | $10,000 | |
| Retained Earnings | $94,550 | |
| Dividends | $8,000 | |
| Sales | $255,600 | |
| Sales discounts | $2,250 | |
| Sales returns and allowances | $12,000 | |
| Cost of goods sold | $74,500 | |
| Sales salaries expense | $32,000 | |
| Rent expense - Selling space | $8,000 | |
| Stores supplies expense | $1,500 | |
| Advertising Expense | $13,000 | |
| Office salaries expense | $28,500 | |
| Rent expense - Office space | $3,600 | |
| Office supplies expense | $400 | |
| Total | $355,150 | $355,150 |
Prepare a single-step income statement.
