Exercise 3-11 CHEYENNE COOPER CO. ADJUSTED TRIAL BALANCE DECEMBER 31, 2017 Debit
ID: 2329057 • Letter: E
Question
Exercise 3-11
CHEYENNE COOPER CO.
ADJUSTED TRIAL BALANCE
DECEMBER 31, 2017
Debit
Credit
$60,662
$60,662
Exercise 3-11
The adjusted trial balance of Cheyenne Cooper Co. as of December 31, 2017, contains the following.CHEYENNE COOPER CO.
ADJUSTED TRIAL BALANCE
DECEMBER 31, 2017
Debit
Credit
Cash $19,737 Accounts Receivable 7,185 Prepaid Rent 2,545 Equipment 18,315 Accumulated Depreciation-Equipment $5,160 Notes Payable 5,965 Accounts Payable 5,737 Common Stock 20,265 Retained Earnings 11,575 Dividends 3,265 Service Revenue 11,855 Salaries and Wages Expense 7,105 Rent Expense 2,238 Depreciation Expense 167 Interest Expense 105 Interest Payable 105$60,662
$60,662
Explanation / Answer
Income Statement For the Year Ended December 31, 2017 Revenues Service Revenue 11855 Expenses Salaries and Wages Expense 7105 Rent Expense 2238 Depreciation Expense 167 Interest Expense 105 Total Expenses 9615 Net Income / (Loss) 2240 2 Statement of Retained Earnings For the Year Ended December 31, 2017 Retained earnings, January 1 11575 Add: Net income 2240 13815 Less: Dividends 3265 Retained earnings, December 31 10550 3 Balance Sheet December 31, 2017 Assets Current Assets Cash 19737 Accounts receivable 7185 Prepaid rent 2545 Total current assets 29467 Property, plant, and equipment Equipment Equipment 18315 Less: Accumulated depreciation –equipment 5160 13155 Total assets 42622 Liabilities and Stockholders' Equity Current Liabilities Notes Payable 5965 Accounts Payable 5737 Interest Payable 105 Total Current Liabilities 11807 Stockholders' Equity Common Stock 20265 Retained Earnings 10550 Total Stockholders' Equity 30815 Total Liabilities and Stockholders' Equity 42622
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