Question

Break down each item line for income statement, retained earnings statement, and classified balance sheet

SRS Consulting Services Unadjusted Trial Balance 30-Sep-19 $ Account Cash $ 15,000 Accounts Receivable 11,200 Supplies 1,350 Prepaid Insurance 3,000 Long Term Investments 20,000 Equipment 39,100 Accumulated Depreciation-Equipment 8,100 Accounts Payable 9,500 Unearned Revenue 1,900 Notes Payable 30,000 Common Stock 25,000 Retained Earnings 4,700 Dividends 5,000 Revenue 24,000 Depreciation 3,300 Salaries Expense 4,650 Insurance expense 600 Totals 103,200 103,200 a. An inventory of supplies shows $650 on hand at 9/30/19 b. The insurance policy was purchased on July 1 for $3,600. The policy's term is one year. The insurance expired ("used up") for September has not been recorded. c. Depreciation on equipment for the year totals $3,600. d. Previously recorded Uneamed Revenue earned during September, $1,000. e. Srs's Note Payable is due in full on August 31, 2020. The interest accrued for September is $200 and is payable on October 4. f. SRS pays its employees biweekly. The last paycheck received by its employees was on September 25. Salaries accrued to September 30h are $600. & Corporate income tax for the year is estimated to be $3,900. 1. Prepare an income Statement for the year ended Sept. 30, 2019 in proper form. (Don't forget the proper date). 2. Prepare a Statement of Retained Earning in proper form with proper dating. 3. Prepare a classified Balance Sheet in proper form with proper dating.

Answer 1

Please hit LIKE button if this helped. Working: Income Statement: $ 25,000 Cash Accounts Receivable Supplies Prepaid Insurance Long term investment Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Revenue Interst Payable Salaries Payable Income Tax Payable Notes Payable Common Stock Retained Earning Dividends Revenue Depreciation Salaries Expense Insurance Expense Supplies Expense Interest Expense Income Tax Expense Undjusted Adjustment Adjusted Debit Credit Debit Credit Debit Credit $ 15,000 $ 15,000 $ 11,200 $ 11,200 $ 1,350 $ 700 $ 650 $ 3,000 $ 300 $ 2,700 $ 20,000 $ 20,000 $ 39,100 $ 39,100 $ 8,100 $ 300 $ 8,400 S 9,500 S 9,500 $ 1,900 $ 1,000 S 900 $ 200 $ 200 $ 600 $ 600 $ 3,900 S 3,900 $ 30,000 $ 30,000 $ 25,000 $ 25,000 $ 4,700 $ 4,700 $ 5,000 $ 5,000 $ 24,000 $ 1,000 $ 25,000 $ 3,300 $ 300 $ 3,600 $ 4,650 $ 600 $ 5,250 $ 600 $ 300 $ 900 $ 700 $ 700 $ 200 $ 200 $ 3,900 $ 3,900 Revenue Less: Expenses Depreciation Salaries Expense Insurance Expense Supplies Expense Total Expense Operating Income Interest Expense Income before tax Income Tax Expense Net Income $ 3,600 $ 5,250 $ 900 $ 700 $ -10,450 $ 14,550 $ -200 $ 14,350 $ 3,900 $ 10,450 Statement of Retained Earning: Beginning Balance Add: Net Income $ 4,700 $ 10,450 $ 15,150 $ -5,000 $ 10,150 Less: Dividend Ending Balance Balance Sheet: Current Assets: Cash Total $ 103,200 $ 103,200 $ 7,000 $ 7,000 $ 108,200 $ 108,200 $ 15,000

$ 15,000 $ 11,200 $ 650 $ 2,700 $ 29,550 $ 20,000 $ 39,100 $ -8,400 $ 30,700 $ 80,250 Balance Sheet: Current Assets: Cash Accounts Receivable Supplies Prepaid Insurance Total Current Assets Long term investment: Long term investment Property, plant and equipment: Equipment Accumulated Depreciation-Equipment Total Assets Current Liabilities: Accounts Payable Unearned Revenue Interst Payable Salaries Payable Income Tax Payable Total Current Liabilities Notes Payable Total Liabilities Stockholder's Equity: Common Stock Retained Earning Stockholder's Equity Total Liabilities and Stockholder's Equity $ 9,500 $ 900 $ 200 $ 600 $ 3,900 $ 15,100 $ 30,000 $ 45,100 $ 25,000 $ 10,150 $ 35,150 $ 80,250