______________________________________________________ Ensley, Inc. Adjusted Trial Balance December 31, 2020 Debit Credit Cash 83,050 Accounts Receivable 220,000...
______________________________________________________
| Ensley, Inc. | |||||
| Adjusted Trial Balance | |||||
| December 31, 2020 | |||||
| Debit | Credit | ||||
| Cash | 83,050 | ||||
| Accounts Receivable | 220,000 | ||||
| Prepaid Insurance | 24,000 | ||||
| Supplies | 2,700 | ||||
| Inventory | 48,000 | ||||
| Equipment | 160,000 | ||||
| Accumlated Depreciation- Equipment | 30,000 | ||||
| Accounts Payable | 159,500 | ||||
| Interest Payable | 1,333 | ||||
| Wages Payable | 500 | ||||
| Unearned Revenue - Alarm Systems | 4,000 | ||||
| Long-Term Bank Note Payable | 100,000 | ||||
| Common Stock | 75,000 | ||||
| Retained Earnings | 84,050 | ||||
| Dividends | 7,000 | ||||
| Revenue | 403,000 | ||||
| Cost of the Goods Sold | 132,500 | ||||
| Depreciation Expense - Equipment | 0 | ||||
| Insurance Expense | 12,000 | ||||
| Interest Expense | 1,333 | ||||
| Rent Expense | 24,000 | ||||
| Supplies Expense | 3,600 | ||||
| Utilities Expense | 8,700 | ||||
| Wage Expense | 130,500 | ||||
| Totals | $857,383.30 | $857,383.30 | |||
______________________________________________
| Ensley, Inc. | |||||
| Income Statement | |||||
| Month End December 31, 2020 | |||||
| Debit | Credit | ||||
| Revenue | |||||
| Service Revenue | $403,000 | ||||
| Expenses | |||||
| Depreciation Expense - Equipment | $0 | ||||
| Interest Expense | $1,333 | ||||
| Rent Expense | $24,000 | ||||
| Wage Expense | $130,500 | ||||
| Supplies Expense | $3,600 | ||||
| Total Expenses | $159,433 | ||||
| Net Income |
$243,567 |
||||
_______________________________________________________
(Not sure income statment is entirely correct. If you notice something incorrect please make the changes)
Using the Adjusted Trial Balance and the Income Statement, prepare the Statement of Retained Earnings for Ensley, Inc.
Homework Answers
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Statement of retained earnings of Ensley, Inc for the year ended December 31 2020
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Ensley, Inc.
Adjusted Trial Balance
December 31, 2020
Debit
Credit
Cash
83,050
Accounts Receivable
220,000...
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follows.
Debit
Credit
Cash
$
185,900
Accounts receivable
54,500
Interest receivable
18,600
Notes receivable (due in 90 days)
171,000
Office supplies
15,500
Automobiles
169,000
Accumulated depreciation—Automobiles
$
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Equipment
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Land
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Accounts payable
103,000
Interest payable
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Salaries payable
18,000
Unearned fees
40,000
Long-term notes payable
150,000
Common stock
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Dividends
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Depreciation expense—Automobiles
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What is Total Liabilities and Stockholders' Equity as of
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The adjusted trial balance for Chiara Company as of December 31
follows.
Debit
Credit
Cash
$
185,900
Accounts receivable
54,500
Interest receivable
18,600
Notes receivable (due in 90 days)
171,000
Office supplies
15,500
Automobiles
169,000
Accumulated depreciation—Automobiles
$
70,000
Equipment
148,000
Accumulated depreciation—Equipment
25,000
Land
86,000
Accounts payable
103,000
Interest payable
20,000
Salaries payable
18,000
Unearned fees
40,000
Long-term notes payable
150,000
Common stock
30,580
Retained earnings
275,220
Dividends
48,000
Fees earned
554,000
Interest earned
38,000
Depreciation expense—Automobiles
25,000
Depreciation...
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