Strand Corp had the following adjusted Trial Balance, for 12 months ended Decemb

Question

Strand Corp had the following adjusted Trial Balance, for 12 months ended December 31, 2016: Debit Credit Cash $250,000 Common Stock $50,000 Revenues $250,000 Equipment $125,000 Wage expense $75,000 Utilities expense $15,000 Accumulated depreciation $40,000 Bonds payable $200,000 Depreciation exp $30,000 Supplies $20,000 Accounts payable $7,000 Accounts receivable $100,000 Wages payable $28,000 Note payable (due in 2 yrs) $50,000 Bad debt expense $10,000 TOTALS $625,000 $625,000 REQUIRED: Based on the adjusted Trial Balance above, prepare a FORMAL: 1. Income Statement 2. Classified Balance Sheet Strand Corp had the following adjusted Trial Balance, for 12 months ended December 31, 2016: Debit Credit Cash $250,000 Common Stock $50,000 Revenues $250,000 Equipment $125,000 Wage expense $75,000 Utilities expense $15,000 Accumulated depreciation $40,000 Bonds payable $200,000 Depreciation exp $30,000 Supplies $20,000 Accounts payable $7,000 Accounts receivable $100,000 Wages payable $28,000 Note payable (due in 2 yrs) $50,000 Bad debt expense $10,000 TOTALS $625,000 $625,000 REQUIRED: Based on the adjusted Trial Balance above, prepare a FORMAL: 1. Income Statement 2. Classified Balance Sheet

Explanation / Answer

1 Income statement :

2. Classified Balance Sheet

Revenue 250000 Expenses Wages expenses (75000) Utilities expenses (15000) Depreciation expenses (30000) Bad debt expenses (10000) (130000) Net income 120000

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