Question

1. The following is the Frederick Company's adjusted Trial Balance. Frederick Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $85,150 Accounts Receivable 229,140 Supplies 16,955 Equipment 395,285 Accumulated Depreciation $221,260 Accounts Payable 74,235 Capital Stock 220,000 Retained Earnings 101,145 Service Revenue 893,105 Interest Income 1,500 Dividends 2,000 Rent Expense 58,500 Wages Expense 527,260 Supplies Expense 42,520 Utilities Expense 8,595 Depreciation Expense 145,840 ________ Totals $1,522,565 $1,522,565 Use this information to prepare the Balance Sheet for the fiscal year. There are additional lines in the formatted Balance Sheet form to allow for authorized alternate presentations. Hint: you must close out temporary accounts to arrive at adjusted retained earnings balance.

Answer 1

Income Statement
Revenues
Service revenue	893,105
Interest income	1,500
Total revenue		894,605
Expenses:
Rent expense	58,500
Wages expense	527,260
Supplies expense	42,520
Utilities expense	8,595
Depreciation expense	145,840
Total expenses		-782,715
Net income		$111,890

Statement of Retained Earnings
Beginning retained earnings		101,145
Add:Net income	111,890
Less:Dividends	-2,000
		109,890
Retained earnings, Ending		$211,035

Balance Sheet
Assets		Amount
Current Assets:
Cash	85,150
Accounts receivable	229,140
Supplies	16,955
Total Current Assets		331,245
Plant,Assets :
Equipment	395,285
Less:Accumulated Depreciation	-221,260
Total plant asset		174,025
Total Assets		505,270
Liabilities and Stockholders Equity
Current Liabilities:
Accounts payable	74,235
Total Current liabilities		74,235
Stockholders Equity:
Capital stock	220,000
Retained earnings	211,035
Total stockholders equity		431,035
Total Liabilities & Stockholders Equity		505,270

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