The adjusted trial balance for Apachi Company is presented below. (a) Prepare an

Question

The adjusted trial balance for Apachi Company is presented below.

(a) Prepare an income statement and a retained earnings statement for the year.

(b) Prepare a classified balance sheet at July 31.

14,900

$130,120

$130,120

APACHI COMPANY Adjusted Trial Balance July 31, 2011 No. Account Titles Debits Credits 101 Cash $14,840 112 Accounts Receivable 8,780 157 Equipment 15,900 167 Accumulated Depreciation $7,400 201 Accounts Payable 4,220 208 Unearned Rent Revenue 1,800 311 Common Stock 20,000 320 Retained Earnings 25,200 332 Dividends 16,000 404 Commission Revenue 65,000 429 Rent Revenue 6,500 711 Depreciation Expense 4,000 720 Salaries Expense 55,700 732 Utilities Expense

14,900

$130,120

$130,120

Explanation / Answer

EXPENDITURE

AMOUNT($)

INCOME

AMOUNT($)

SALARIES EXPENSE

55700

COMMISION REVENUE

65000

UTILITIES EXPENSE

14900

RENT REVENUE

6500

DEPRECIATION EXPENSE

4000

NET LOSS [BALANCING FIGURE]

3100

74600

74600

LIABILITIES

AMOUNT($)

ASSETS

AMOUNT($)

COMMON STOCK

20000

RETAINED EARNINGS

6100

EQUIPMENT-15900

LESS:-ACUMULATED DEP-(7400)

8500

ACCOUNTS PAYABLE

4220

ACCOUNTS RECIEVABLE

8780

UNEARNED RENT REVENUE

1800

CASH

14840

32120

32120

STATEMENT OF RETAINED EARNINGS

OPENING BALANCE = 25200

LESS:-NET LOSS FOR THE YEAR = (3100)

LESS:-DIVIDEND PAID = (16000)

CLOSING BALNCE = 6100

EXPENDITURE

AMOUNT($)

INCOME

AMOUNT($)

SALARIES EXPENSE

55700

COMMISION REVENUE

65000

UTILITIES EXPENSE

14900

RENT REVENUE

6500

DEPRECIATION EXPENSE

4000

NET LOSS [BALANCING FIGURE]

3100

74600

74600

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