Prepare income statement and a retained earnings statement

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Reference no: EM131922634

Problem - The trial balances before and after adjustment for Garcia Company at the end of its fiscal year are presented below.

GARCIA COMPANY Trial Balance August 31, 2011


Before Adjustment

After Adjustment


Dr.

Cr.

Dr.

Cr.

Cash

$10,400


$10,400


Accounts Receivable

8,800


9,800


Office Supplies

2,300


700


Prepaid Insurance

4,000


2,500


Office Equipment

14,000


14,000


Accumulated Depreciation-Office Equipment


$3,600


$4,500

Accounts Payable


5,800


5,800

Salaries Payable


-0-


1,100

Unearned Rent Revenue


1,500


600

Common Stock


10,000


10,000

Retained Earnings


5,600


5,600

Service Revenue


34,000


35,000

Rent Revenue


11,000


11,900

Salaries Expense

17,000


18,100


Office Supplies Expense

-0-


1,600


Rent Expense

15,000


15,000


Insurance Expense

-0-


1,500


Depreciation Expense

-0-


900


 

$71,500

$71,500

$74,500

$74,500

Prepare the income statement and a retained earnings statement for the year and the balance sheet at August 31.

Reference no: EM131922634

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