Solution-Prepare income statement and retained earnings

Prepare income statement and retained earnings statement

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Reference no: EM132460395

These items are taken from the financial statements of Donovan Co. at December 31, 2017.


Building	$95,800
Accounts receivable	7,600
Prepaid insurance	4,680
Cash	11,840
Equipment	79,400
Land	61,200
Insurance expense	780
Depreciation expense	7,300
Interest expense	2,600
Common stock	52,000
Retained earnings (January 1, 2017)	40,000
Accumulated depreciation-building	45,600
Accounts payable	7,500
Mortgage payable ($13,600 will be 2018)	88,600
Accumulated depreciation-equipment	18,720
Interest payable	3,600
Bowling revenues	17,180
Dividends paid.....................................	2 000

Instructions

Problem 1: Prepare an income statement, retained earnings statement, and a classified balance sheet.

Reference no: EM132460395

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Prepare income statement and retained earnings statement

Reference no: EM132460395

Reference no: EM132460395

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