Rider’s Inc. Trial Balance December 31, 2010 Cash $20,585 Accounts Receivable 2,
ID: 2600300 • Letter: R
Question
Rider’s Inc.
Trial Balance
December 31, 2010
Cash $20,585
Accounts Receivable 2,000
Office Supplies 205
Prepaid Rent 1,100
Prepaid Insurance 170
Office Equipment 54,000
Accumulated Depreciation; Office Equipment $25,250
Accounts Payable 1,400
Interest Payable 160
Income Taxes Payable 1,750
Note Payable 2,000
Unearned Revenue 3,500
Capital Stock 20,000
Retained Earnings 8,000
Dividends 1,000
Client Revenue 60,000
Office Supplies Expense 605
Depreciation Expense; Office Expense 8,250
Rent Expense 5,775
Insurance Expense 1,010
Salaries Expense 20,100
Interest Expense 360
Income Taxes Expense 6,900
________ ________
Totals $122,060 $122,060
====== ======
Using the above Trial Balance, compile the following financial statements.
Income Statement, Statement of Retained Earnings and Balance Sheet.
Be sure to use proper form to earn full credit
Explanation / Answer
24,000
Amt.
Rider's Inc. Income Statement For the year ended December 31,2010 Revenue Clients Revenue $ 60,000 Total Revenue 60,000 Expenses General And Administrative Expenses : *Office supplies 605 *Office Expense 8,250 *Rent Expense 5,775 *insurance Expense 1,010 *Salaries Expense 20,100 35,740 Interest Expense 360 Income Before Tax Expenses 23,900 Less: Income tax expense 6,900 Net Income 17,000Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.