Using the following information for Campbell Enterprises, prepare an annual: Ret
ID: 2417221 • Letter: U
Question
Using the following information for Campbell Enterprises, prepare an annual: Retained earnings statement
Campbell Enterprises, Inc.
Adjusted Trial Balance
December 31, 2015
Debit Credit
Cash 4,000
Accounts Receivable 15,000
Inventory 30,000
Prepaid Insurance 4,000
Supplies 3,000
Long-term Investment in Stock 6,000
Land 20,000
Buildings 120,000
Accumulated Depreciation—
Buildings 20,000
Patents 10,000
Accounts Payable 10,000
Unearned Revenue 2,000
Bonds Payable (due in 2023) 20,000
Common Stock 80,000
Retained Earnings 44,000
Dividends 30,000
Sales Revenue 305,000
Interest Revenue 5,000
Sales Discounts 6,000
Sales Returns & Allowances 8,000
Cost of Goods Sold 188,000
Salaries and Wages Expense 21,000
Depreciation Expense 10,000
Utilities Expense 5,000
Insurance Expense 3,000
Supplies Expense 2,000
Interest Expense 1,000
486,000 486,000
Explanation / Answer
Statements of Retained Earnings Opening Retained Earnings 40000 Add: Net Profit 66000 Less : Dividends -30000 Cl. Retained Earnings 76000 Income Statement Sales Revenue 305000 Interest Revenue 5000 310000 Expenses Sales Discounts 6000 Sales Returns & Allowances 8000 Cost of Goods Sold 188000 Salaries & Wages 21000 Depreciation 10000 Utilities 5000 Insurance 3000 Supplies 2000 Interest 1000 244000 Net Income 66000
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