In: Accounting
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 |
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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.