Rider’s Inc. Trial Balance December 31, 2010 Cash $20,585 Accounts Receivable 2,
ID: 2600527 • 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
1)
Income statement of Rider's Inc
for the period ended 31 december 2010
2)
Statement of retained earning of Rider's Inc
for the period ended 31 december 2010
3)
Balance sheet of Rider's Inc
for the period ended 31 december 2010
Income statement of Rider's Inc
for the period ended 31 december 2010
Client Revenue 60000 less:operating expense Office Supplies Expense 605 Depreciation Expense 8250 Rent Expense 5775 Insurance Expense 1010 Salaries Expense 20100 Total expense (35740) Income before interest and tax 24260 less:Interest expense (360) Income before tax 23900 lesS:Income Taxes Expense (6900) Net Income 17000Related Questions
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