The accounts in the ledger of Dependable Delivery Service contain the following

Question

The accounts in the ledger of Dependable Delivery Service contain the following balances on July 31, 2012. Accounts Receivable $11,400 Accounts Payable 7,400 Cash 17,940 Equipment 59,360 Gasoline Expense 950 Insurance Expense 600 Notes Payable, due 2012 31,450 Prepaid insurance $1,800 Maintenance/Repairs Expense 1,200 Service Revenue 15,500 Dividends 800 Common Stock 40,000 Salaries & wages exp. 6,400 Salaries & wages pay. 900 Retained Earnings 5,200 Prepare an income statement, a retained earnings statement, and a classified balance sheet for the month of July 2012

Explanation / Answer

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Income Statement Balance Sheet revenue 15,500 Payables 7,400 Receivables 11,400 Notes due 31,450 Cash 17,940 Gasoline Exp 950 Common stock 40,000 Equipment 59,360 Insurance 600 Salaries payable 900 repairs 1,200 dividends 800 Retained Earnings 10,750 Prepaid Ins 1,800 Salaries 6,400 90,500 90,500 Income 5,550

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