1. From the following data for the year ended December 31 for Roland Soy Co,prep

Question

1. From the following data for the year ended December 31 for Roland Soy Co,prepare (a) Income Statement (b) Statement af Owners Equity and (c) Balance Sheet Account Cash Accounts Receivable 75,200 Supplies Equipment Accumulated Depreciation Accounts Payable R. Soy, Capital R. Soy, Withdrawals30,000 Fees Earned Salary Expense Rent Expense Depreciation Expense 26,000 Supplies Expense Miscellaneous Expense 9,000 Total Debit Credit 31,500 5,000 199,900 69,000 42,500 152,600 17,500 249,500 48,000 7,500 68.600 600

Explanation / Answer

(a)

(b)

(c)

Roland Soy Co. Income Statement For Year Ended December 31 Fees earned 417500 Less: Expenses Salary expense 249500 Rent expense 48000 Depreciation expense 26000 Supplies expense 7500 Miscellaneous expense 9000 Total operating expenses 340000 Net income $ 77500

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