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Question 64 The completed financial statement columns of the worksheet for Bridgeport Company are as follows....

Question 64

The completed financial statement columns of the worksheet for Bridgeport Company are as follows.

Bridgeport Company
Worksheet
For the Year Ended December 31, 2019

Income Statement

Balance Sheet

Account
No.

Account Titles

Dr.

Cr.

Dr.

Cr.
101 Cash 9,100
112 Accounts Receivable 11,000
130 Prepaid Insurance 2,700
157 Equipment 24,400
158 Accumulated Depreciation—Equip. 4,600
201 Accounts Payable 9,000
212 Salaries and Wages Payable 2,300
311 Common Stock 20,000
320 Retained Earnings 8,200
332 Dividends 18,600
400 Service Revenue 59,900
622 Maintenance and Repairs Expense 1,500
711 Depreciation Expense 3,300
722 Insurance Expense 1,700
726 Salaries and Wages Expense 30,300
732 Utilities Expense

1,400

  

  

  

                           Totals

 38,200 59,900 65,800 44,100
Net Income

21,700

21,700

59,900

59,900

65,800

65,800
Prepare an income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Bridgeport Company
Income Statement

For the Year Ended December 31, 2019For the Month Ended December 31, 2019December 31, 2019

DividendsExpensesInvestmentsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
$

DividendsExpensesInvestmentsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
$

    Dividends    Expenses    Investments    Net Income / (Loss)    Retained Earnings, January 1    Retained Earnings, December 31    Revenues    Total Expenses    Total Revenues    

DividendsExpensesInvestmentsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues

 $

SHOW LIST OF ACCOUNTS
Prepare a retained earnings statement. (List items that increase retained earnings first.)
Bridgeport Company
Retained Earnings Statement

For the Year Ended December 31, 2019For the Month Ended December 31, 2019December 31, 2019

DividendsExpensesInvestments Net Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues

 $

AddLess

:

DividendsExpensesInvestmentsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues

AddLess

:

DividendsExpensesInvestmentsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues

DividendsExpensesInvestmentsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues

 $

Solutions

Expert Solution

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Income Statement:
Service Revenue $     59,900
Less: Expensess
Maintenance and Repairs Expense $         1,500
Depreciation Expense $         3,300
Insurance Expense $         1,700
Salaries and Wages Expense $       30,300
Utilities Expense $         1,400
Total Expense $    -38,200
Net Income $     21,700
Statement of Retained Earning:
Beginning Retained earning $        8,200
Add: Net Income $     21,700
Less: Dividend $    -18,600
Ending Retained earning $     11,300

ekkarill92 answered 2 years ago
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