The company’s bookkeeper prepared the following balances from the company's accounting records for the month ended...

The company’s bookkeeper prepared the following balances from the company's accounting records for the month ended October 31, 2019:

Retained Earnings, 10/1/19	508,000	Prepaid Insurance	50,000
Cash	37,000	Contributed Capital	400,000
Accounts Payable	95,000	Accounts Receivable	70,000
Sales Revenue Dividends	560,000 3,000	Interest Income Interest Expense	1,000 2,000
Supplies	18,000	Utilities Expense	5,000
Cost of Goods Sold	300,000	Wage Expense	50,000
Land Buildings Equipment Accumulated Depreciation Depreciation Expense	650,000 1,000,000 450,000 800,000 15,000	Income Tax Expense Advertising Expense Unearned Revenue Insurance Expense Wages Payable	22,000 7,000 56,000 10,000 14,000
Notes Payable	630,000
Inventory	375,000

Using good form, prepare a: 1) single-step income statement; 2) statement of retained earnings; and 3) balance sheet for ORV Winery for the month of October. Include appropriate headings for all financial statements.

Expert Solution

ekkarill92 answered 1 year ago

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