Question

Jung Company Adjusted Trial Balance December 31, 2018 | 115,000 21,000 3,000 36,000 110.000 15,000 65,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 35,000 8.000 15,900 1,000 47,000 35,000 55,100 4,000 480,000 8,000 | 42,000 6.000 55.000 10.000 140,000 13,000 2.000 32,000 677,000 677,000

Answer 1

A)

JUNG COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31 2018
Revenue
Service revenue		480000
Less:Operating expense
Repair expense	8000
Delivery expense	42000
Depreciation expense	6000
Rent expense	55000
Insurance expense	10000
Wages expense	140000
Supplies expense	13000
Interest expense	2000
Total operating expense		(276000)
Income before income tax expense		204000
less:Income tax expense		(32000)
Net income		172000

B)

JUNG COMPANY STATEMENT OF RETAINED EARNING FOR THE YEAR ENDED DECEMBER 31 2018
Retained earning Beginning 1/1/2018	55100
Add:Net income	172000
	227100
Less:Dividend	-4000
Retained earning ending 31/12/2018	223100

C)

JUNG COMPANY BALANCE SHEET AS ON DECEMBER 31 2018
ASSETS
cash	115000
Accounts receivable	21000
Inventory	110000
Supplies	3000
Prepaid insurance	36000
Total current asset		285000
Non current asset
Vehicle		15000
Equipment	65000
less:Accumulated depreciation	(35000)	30000
Total asset		330000
LIABILITIES AND STOCKHOLDERS EQUITY
Accounts payable	8000
Unearned revenue	15900
wages payable	1000
Total current liabilities		24900
Long term liabilities
Long term note payable		47000
Total liabilities		71900
Stockholders equity
common stock	35000
Retained earning	223100
Total stockholders equity		258100
Total liabilities and stockholders equity		330000

5)A

Net income :172000

Ending retained earning : 223100

Total current asset :285000

Total current liabilities :24900

Total stockholders equity :258100

Total asset :330000