Reference no: EM132575845
Question - Prepare Income statement and balance sheet for following data:
Suppose you are hired as an Intern in a Consulting Firm. The company maintain their financial statements by the end of every year. Consider following information of 2019
DR Cash $22,000
DR Account receivables $10,000
DR Prepaid expense $2500
DR Furniture and fixture $80,000
DR Building $65000
CR Accumulated depreciation; Building $4000
CR Account payables $50,000
CR Notes payables $40,000
CR Insurance payables $5500
CR Capital stock $40,000
Retained earnings = ?
DR Dividends $2800
DR Revenues Earned $60,000
DR Insurance expense $3700
DR Rent expense $12000
DR Depreciation expense: furniture and fixture $1500