Using the information presented below, prepare a statement of retained earnings and balance sheet from the adjusted trial balance of Dodson Containers.DODSON CONTAINERS
Adjusted Trial Balance
December 31
Cash…………………………………………………. $ 3,050?Accounts receivable………………………………… 400?Prepaid insurance …………………………………... 830?Office supplies ............................................................. 80?Office equipment ……………………………………. 4,200?Accumulated depreciation-office equipment ……….. ?$ 1,100Buildings……………………………………………... 98,000?Accumulated depreciation-buildings………………..? 28,000Land…………………. 115,000?Wages Payable………………………………………? 880Property taxes payable………………………………? 1,400Interest payable……………………………………...? 2,200 Unearned rent………………………………………..? 460Long-term notes payable…………………………….? 150,000Common stock ……………………………….? 30,000Retained earnings ……………………………….? 10,340Dividends21,000?Rent earned ………………………………………….? 67,500Wages expense ……………………………………...29,000?Utilities expense ……………………………………. 2,900?Property taxes expense ……………………………..2,400?Insurance expense…………………………………... 5,800?Office supplies expense……………………………… 250?Depreciation expense-office equipment……………..400?Depreciation expense-buildings……………………..5,570?Interest expense ……………………………………. 3,000?________?Totals ………………………………………………..$291,880$291,880
What will be an ideal response?
DODSON CONTAINERS
Statement of Retained Earnings
For Year Ended December 31
| Retained earnings, January 1 | ? | $10,340 |
| Net income | ? | 18,180 $28,520 |
| ? | ? | ? |
| Less dividends | ? | 21,000 |
| Retained earnings, December 31 | ? | $7,520 |
| DODSON CONTAINERS Balance Sheet December 31 | ? | ||
| Assets | ? | ? | ? |
| Cash | ? | $ 3,050 | ? |
| Accounts Receivable | ? | 400 | ? |
| Prepaid Insurance | ? | 830 | ? |
| Office Supplies | ? | 80 | ? |
| Land | ? | 115,000 | ? |
| Office Equipment | $ 4,200 | ? | ? |
| Less: Accumulated depreciation | 1,100 | 3,100 | ? |
| Buildings | 98,000 | ? | ? |
| Less: Accumulated depreciation | 28,000 | 70,000 | ? |
| Total assets | ? | $192,460 | ? |
| ? | ? | ? | ? |
| Liabilities | ? | ? | ? |
| Wages Payable | $ 880 | ? | ? |
| Property Taxes Payable | 1,400 | ? | ? |
| Interest Payable | 2,200 | ? | ? |
| Unearned Rent | 460 | ? | ? |
| Long-Term Note Payable | 150,000 | ? | ? |
| Total Liabilities | ? | $154,940 | ? |
| ? | ? | ? | ? |
| Equity | ? | ? | ? |
| Common stock | ? | 30,000 | ? |
| Retained earnings | ? | 7,520 | ? |
| Total Liabilities and Equity | ? | $192,460 | ? |
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