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Accounts for Smith Corp. from the adjusted trial balance for the year ended December 31, 2018...

Accounts for Smith Corp. from the adjusted trial balance for the year ended December 31, 2018 are presented below in no particular order. Common Stock was $10,000 and Retained Earnings was $50,000 on January 1, the beginning of the current year. During the year, shareholders purchased an additional $7,000 in stock.

Depreciation expense—equipment    $4,600             Cash                                        $85,000

Depreciation expense—building        2,000             Accounts payable                         5,500

Office supplies                                    3,000             Land                                        150,000

Fees earned                                                       328,000                 Accounts receivable                           26,000

Salaries expense                                              135,000                 Supplies expense                                25,000

Interest expense                                                   4,700                Dividends                                                 4,200

Long-term notes payable                              190,000                 Salaries payable                                   14,000

Accumulated depreciation-building         110,000                 Building                                                220,000

Accumulated depreciation-equipment   65,000                 Equipment                                          120,000

  1. Use the information above to prepare (a.) the income statement, (b.) the statement of retained earnings, and (c.) the balance sheet.

  1. Prepare the necessary closing entries.

  1. Prepare the post-closing trial balance.

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ekkarill92 answered 3 months ago
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