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In: Accounting

Prepare an income statement, a retained earnings statement, and a balance sheet for the dental practice...

Prepare an income statement, a retained earnings statement, and a balance sheet for the dental practice of Ted Terner, DDS, Inc. from the items listed below for the month of September.

Retained Earnings, September 1                                                                              $22,000

Common Stock                                                                                                         20,000

Accounts payable                                                                                                          7,000

Equipment                                                                                                                    30,000

Service revenue                                                                                                          25,000

Dividends                                                                                                                       6,000

Dental supplies expense                                                                                                3,500

Cash                                                                                                                               6,000

Utilities expense                                                                                                                700

Dental supplies                                                                                                               2,800

Salaries expense                                                                                                           9,000

Accounts receivable                                                                                                    14,000

Rent expense                                                                                                                 2,000

TED TERNER, DDS, INC.

Solutions

Expert Solution

Prepare income statement :

Service revenue 25000
Expenses :
Dental supplies expense (3500)
Utilities expense    (700)
Salaries expense      (9000)
Rent expense (2000) (15200)
Net income 9800

Statement of retained earnings :

Beginning retained earnings 22000
Add: Net income 9800
Less: Dividend (6000)
Ending retained earnings 25800

Balance sheet :

ASSETS
Current assets
Cash 6000
Accounts receivable    14000
Dental supplies    2800
Total current assets 22800
Non current assets
Equipment 30000 30000
TOTAL ASSETS 52800
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilties
Account payable 7000 7000
Non current liabilties
Total liabilties 7000
Shareholder's equity
Common stock 20000
Retained earnings 25800
Total stockholder's equity 45800
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY 52800

ekkarill92 answered 2 years ago
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