P3-3A - Balance Sheet December 31,2008 Assets Current...

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Ling Repairs Income Statement December 31,2008 Debit Credit Revenues Repair fees earned $90,950 Expenses Depreciation expense-Equipment $5,000 Wages expense 37,500 Insurance expense 800 Rent Expense 10,600 Office supplies expense 3,600 Utilities expense 2,700 Total Expenses 60,200 Net Income $30,750 Ling Repairs Statement of Retained Earnings December 31,2008 Retained Earnings, December 1, 2008 $20,000 Plus: Net Income 30,750 50,750 Less: Dividends 16,000 Retained Earnings, December 31, 2008 $34,750 Ling Repairs
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Unformatted text preview: Balance Sheet December 31,2008 Assets Current Assets Cash $14,000 Office supplies 1,300 Prepaid Insurance 2,050 Total current assets 17,350 Plant assets Equipment $50,000 Less Accumulated depreciation 5,000 Total plant assets, net 45,000 Total Assets $62,350 Liabilities Accounts Payable $14,000 Wages Payable 600 Total liabilities 14,600 Equity Common Stock 13,000 Retained earnings 34,750 Total liabilities and equity $62,350...
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This note was uploaded on 03/27/2008 for the course ACCT 300 taught by Professor Punke during the Spring '08 term at University of Wisconsin.

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