Problem 4-2A (Part Level Submission) The adjusted trial balance columns of the w

Question

Problem 4-2A (Part Level Submission) The adjusted trial balance columns of the worksheet for Alshwer Company are as follows. ALSHWER COMPANY Worksheet For the Year Ended December 31, 2017 Adjusted Trial Balance Account Titles Account No 101 112 126 130 5,300 10,800 1,500 2,000 27,000 Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Common Stock Retained Earnings Dividends Service Revenue Advertising Expense Supplies Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Interest Expense 158 200 201 212 230 311 320 332 5,600 15,000 6,100 2,400 600 10,000 3,000 7,000 61,000 610 631 8,400 4,000 5,600 3,500 28,000 600 103,700 722 726 905 Totals 103,700

Explanation / Answer

As dividend is a part of profits paid to shareholders, therefore it is subtracted from retained earnings.

332 Dividends will be subtracted from the credit side of Balance Sheet.

1st Total of Cr side of balance sheet will be 35,700

1st Total of Dr side of balance sheet will be 46,600

In net income 10,900 will be on the dr side of income statement. And 10,900 will be on the credit side of Balance Sheet

Totals of Income statement 61,000

Totals of Balance Sheet will be 46,600

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