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In: Accounting

The adjusted trial balance of Monona Inc. as of December 31, 2020, follows. Adjusted Trial Balance...

The adjusted trial balance of Monona Inc. as of December 31, 2020, follows.

Adjusted Trial Balance
December 31, 2020
Acct. No. Account Debit Credit
100 Cash $18,000 $
104 Accounts receivable 35,000
105 Allowance for doubtful accounts 1,775
106 Inventory 40,000
108 Prepaid insurance 2,400
150 Land 5,725
155 Building 100,000
156 Equipment 30,000
162 Accumulated depreciation 6,250
202 Accounts payable 37,500
204 Salaries payable 2,250
208 Deferred service revenue 1,000
210 Interest payable 250
240 Note payable 75,000
302 Common stock 92,500
304 Retained earnings 6,000
310 Dividends 2,500
400 Sales revenue 250,000
402 Service revenue 12,500
510 Costs of goods sold 120,000
512 Salaries expense 115,000
520 Repair expense 1,000
526 Insurance expense 1,800
528 Depreciation expense 6,600
540 Interest expense 6,000
542 Bad debt expense

1,000
Totals

$485,025

$485,025

a. Prepare the income statement for the year ended December 31, 2020.
b. Prepare the statement of stockholders’ equity for the year ended December 31, 2020. Assume that the common stock was issued prior to 2020.
c. Prepare the balance sheet on December 31, 2020

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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