Question

Required information Exercise 3-16A Prepare financial statements from an adjusted trial balance (LO3-5) The following information applies to the questions displayed below. The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Credit Debit $ 10,800 138,000 Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense 4,800 24,000 280,000 $123,000 10,800 9,800 3, 800 28,000 180,000 48,000 380,000 280,000 14,000 28,000 3,800 Totals $783,400 783,400

Answer 1

Net income:
Service revenue			380000
less: expenses
Salaries expenses		280000
Rent expenses		14000
Depreciation expense		28000
Interest expense		3800
Total Expenses			325800
Net income:			54200
Statement of Owner's equity
			Common	Retained	Total Stockholder
			Stock	earnings	Equity
balance on Jan 01			180000	48000	228000
Add: Net income			0	54200	54200
Less: Dividend			0	0	0
Balance at Dec31			180000	102200	282200