8 of 9 (5 complete)Y The adjusted trial balance for Burlington Advertising Servi

Question

8 of 9 (5 complete)Y The adjusted trial balance for Burlington Advertising Services is presented below B (Click on the icon to view the adjusted trial balance.) Read the reguirements Requirement 1. Prepare the income statoment for the year ending December 31, 2018, (Use a minus sign or parentheses to show a n enter a zero.) Advertising Services Income Statement Year Ended December 31, 2018 Requirement 2. Prépare the statement of retained earnings for tho year ending December 31 2018. (Use a minus sign or parentheses to show a ne Choose from any list or enter any number in the input fields and tien continue to the next question Acquisition of plant Assets 87000 5

Explanation / Answer

BURLINGTON ADVERTISING SERVICES Income Statement Year Ended Dec 31, 2018 Revenue: Service Revenue    43,900.00 Expenses: Salaries Expense     24,500.00 Supplies Expense        8,600.00 Depreciation Expense - Building        2,700.00 Depreciation Expense - Furniture        1,100.00 Advertising Expense     13,000.00 Total Expenses    49,900.00 Net Income (Loss)    (6,000.00) BURLINGTON ADVERTISING SERVICES Statement of Retained Earnings Year Ended Dec 31, 2018 Retained Earnings, Jan 1, 2018     32,900.00 Net Income (Loss)     (6,000.00) Dividends (20,500.00) Retained Earnings, Dec 31, 2018        6,400.00 BURLINGTON ADVERTISING SERVICES Balance Sheet Dec 31, 2018 Assets Current Assets Cash    14,400.00 Accounts Receivable    14,500.00 Office Supplies      7,300.00 Total Current Assets    36,200.00 Property, Plant & Equipment Land    18,200.00 Building     49,800.00 Accumulated Depreciation - Building (35,300.00)    14,500.00 Furniture     19,200.00 Accumulated Depreciation - Furniture (14,500.00)      4,700.00 Total Property, Plant & Equipment    37,400.00 Total Assets    73,600.00 Liabilities & Stockholders' Equity Liabilities Current Liabilities Accounts Payable    10,000.00 Salaries Payable      7,900.00 Unearned Revenue    16,500.00 Total Current Liabilities    34,400.00 Other Liabilities                   -   Total Liabilities    34,400.00 Stockholders' Equity Common Stock    32,800.00 Retained Earnings      6,400.00 Total Stockholders' Equity    39,200.00 Total Liabilities & Stockholders' Equity    73,600.00

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