Use the trial balance below to develop the end-of-year Statement of Retained Ear

Question

Use the trial balance below to develop the end-of-year Statement of Retained Earnings and Balance Sheet for Get Your Motor Runnin’

Get Your Motor Runnin' Trial Balance 31-Dec-11 Debit Credit Cash $147,333 Accounts Receivable 5,000 Allowance for Uncollectible Accounts 80 Supplies 250 Inventory 32,000 Equipment 15,000 Accumulated Depreciation - Equipment 1,000 Vehicles 35,000 Accumulated Depreciation - Vehicles 2,400 Building 684,375 Accumulated Depreciation - Building 12,500 Land 46,875 Land Improvements 23,750 Accumulated Depreciation - Land Improvements 663 Accounts Payable 24,000 Wages Payable 500 Warranties Payable 500 Notes Payable 2,500 Bonds Payable 450,000 Mortgage Payable 300,000 Common Stock 125,000 Paid-in capital in excess of par - common 25,000 Preferred Stock 20,000 Paid-in capital in excess of par - preferred 15,000 Treasury Stock 3,000 Paid-in capital - treasury stock 500 Dividends 10,000 Service Revenue 50,230 Sales 24,000 Cost of Goods Sold 14,400 Advertising Expense 5,000 Depreciation Expense - Equipment 5,667 Depreciation Expense - Vehicles 2,400 Depreciation Expense - Building 12,500 Depreciation Expense - Land Improvements 663 Wages Expense 10,500 $1,053,793 $1,053,793

Explanation / Answer

Statement of retained earnings

Balance Sheet

Get Your Motor Runnin' Statment of Retained earnings for year ended 31-12-2011 Expenses $ $ Income $ $ Cost of good sold 14400 Service revenues 50230 Advertising expenses 5000 Sales 24000 All Depreciations 21230 Wages 10500 Net Profits 23100 74230 74230 Dividends 10000 Net profits 23100 Retained earnings 13100 Total 23100 Total 23100

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