Preparing a Retained Earnings Statement Sparrow Company had the following adjust

Question

Preparing a Retained Earnings Statement Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit $3,150 5,650 4,480 42,000 Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Tax Expense $24,000 2,800 4,450 3,875 8,000 2,255 10,500 99,600 49,400 17,250 2,200 4,950 5,400 Check My Work

Explanation / Answer

Sparrow company   Retained earnings statement   For the year ended December 31 , 2019 Beginning retained earnings                     2,255 Add: Net income                   20,400 Less: Dividend                   10,500 Ending retained earnings                   12,155 Notes   Income Statement Amount in $ Revenue and Gain   Service revenue                      99,600 Expenses and Losses    - Salaries and wages                 49,400     - Depreciation expenses                   4,950      -insurance expenses                   2,200      -rent                 17,250      -Income tax expenses                   5,400 Total Expenses                    79,200     Net Income                  20,400

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---