2(a-1). Prepare Jkl Company’s income statement for the year ended July 31, 2017.

Question

2(a-1). Prepare Jkl Company’s income statement for the year ended July 31, 2017. 2(a-2). Prepare JKL Company’s statement of retained earnings for the year ended July 31, 2017. Note: retained earnings at July 31, 2016, was $21,600 and the current-year dividends were $6,500. 2(b). Prepare JKL Company’s the balance sheets as of July 31, 2017 Help A stk-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2017. The last two columns contain the adjusted trial balance as of the same date Cash Accounts receivable 91,410 14,000 17,200 10, 540 86,000 91,410 18,500 4,500 3, 560 86,000 office supplies Prepaid insurance Office equipment Accum. Depreciation-office equip. Accounts payable Interest payable salaries payable Unearned consulting foes Long-tem notes payable s 24,000 8,100 34,000 22,000 52, 000 32, 400 21, 600 18,000 3, 000 11,000 4,000 52, 000 32,400 21, 600 Common stock Retained earninga Dividends Consulting fees earned Depreciation expense-Office 6, 500 6, 500 161,000 173, 500 10, 000 equip Salarios expense Interest expense Insurance expense 67,050 1,250 78,050 4,250 6.980

Explanation / Answer

Income Statement: Consulting fees earned 173500 Less: Operating expenses Depreciation expenses 10000 Salaries expense 78050 Interest expenses 4250 Insurance expenses 6980 Rent expenses 14800 office Supplies expenses 12700 Advertisement expense 22250 Net Operating income 24470 Statement of Retained earnings: Retained earnings beginning balance 21600 Add: Net Operating income 24470 46070 Less: Dividend paid 6500 Ending balance of Retained earnings 39570 Balance Sheet: Assets Current assets: Cash 91410 Accounts receivbaale 18500 Office supplies 4500 Prepaid inssurance 3560 Total Current assets 117970 Office equipment 86000 Less: Accumulated dep 34000 52000 Total Assets 169970 Liabilities: Current liabilities: Accounts payable 18000 Interest payable 3000 Salaries payable 11000 Unearned consulting revenue 14000 Total Current liabilities 46000 Long term note payable 52000 Total Liabilities: 98000 Stockckholder's equity: Common Stock 32400 Retained earnings 39570 Total Stockholder's equity 71970 Total Liabilities and Sstockholder's equity 169970

Related Questions

Navigate

• Browse (All)
• Browse 2
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.