Exercise 3-16 Prepare financial statements from an adjusted trial balance (LO3-5

Question

Exercise 3-16 Prepare financial statements from an adjusted trial balance (LO3-5) [The following information applies to the questions displayed below. The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below Credit Accounts Cash Accounts Recelvable Prepald Rent Supples Equipment Accumulated Depreclation Accounts Payable Salaries Payable Interest Payable Notes Payable (due In two years) Common Stock Retalned Earnings Service Revenue Salarles Expense Rent Expense Depreciation Expense Interest Expense Debit $ 10,300 133,000 4,300 21,500 230,000 $118,000 10,300 9,300 3,300 23,000 130,000 43,000 330,000 230,000 11,500 23,000 3,300 Totals $666,900 $666,900

Explanation / Answer

Statement of Stockholder's Equity For the Year Ended Dec 31, 2018 Common Stock Retained Earning Total Stockholder's Equity Balance at January 1 $43,000.00 $43,000.00 Add: Common Stock Issued $1,30,000.00 $1,30,000.00 Add: Net Income $62,200.00 $62,200.00 Less: Dividend $0.00 Total $1,30,000.00 $1,05,200.00 $2,35,200.00 Statement of Income Statement Service Revenue $3,30,000.00 Less: Salaries Expense $2,30,000.00 Rent Expense $11,500.00 Depreciation Expense $23,000.00 Interest Expense $3,300.00 $2,67,800.00 Net Income $62,200.00

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