ehttps://edugen.willeyplus.com/edugen/student/mainfr.uni Kimmel, Financial Accou
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ehttps://edugen.willeyplus.com/edugen/student/mainfr.uni Kimmel, Financial Accounting, 8e Practice Gradebook ORION Downloadable eTextbook signment CALCULAT ES Problem 2-2A These items are taken from the financial statements of Bonita Industries for 2017. Retained earnings (beginning of year) $33,900 2,130 68,900 23,270 11,250 4,260 12,000 12,000 71,860 4,760 1,670 3,110 16,670 2,690 40,860 18,750 dy Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivablke Insurance expense Salaries and wages expense Accumulated depreciation-equipment Prepare an income statement for the year ended December 31, 2017 3 4 5Explanation / Answer
Bonita Industries Income Statement For the year ended December 31, 2017 Revenues: Service Revenue 71860 Expenses: Utilites Expenses 2130 Depreciation Expense 3110 Insurance Expense 2690 Salaries and wages Expense 40860 Maintenance and repairs expense 1670 Total Expenses 50460 Net Income 21400 Bonita Industries Retained Earnings Statement For the year ended December 31, 2017 Beginning Retained Earnings 33900 Add: Net income 21400 55300 Less: Divindeds 12000 Ending Retained Earnings 43300 Bonita Industries Balance Sheet as of December 31, 2017 Assets: Current Assets Cash 11250 Accounts Receivable 16670 Prepaid Insurance 4760 Total Current Assets 32680 Fixed Assets: Equipment 68900 Less: Accumulated Depreciation 18750 50150 Total Assets 82830 Liabilities and Stockholders' Equity Liabilites Accounts Payable 23270 Salaries and wages payable 4260 Total Liabilites 27530 Stock Holders Equity : Common stock 12000 Retained Earnings 43300 Total Stock Holders Equity 55300 Total Liabilities and Stockholders' Equity 82830
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