Homework #6 Financial Statements-1-1.xlsx - Homework#6 This homework is designed to give you a review of what we have done(i.e closing entries and

Homework #6 Financial Statements-1-1.xlsx - Homework#6 This...

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Homework #6 This homework is designed to give you a review of what we have done (i.e., closing entries and financial statements). 1. This problem is designed to give you a brief review of Worksheet. Complete the worksheet. You are required to complete the income statement and balance sheet columns. Adjusted Trial Balance Income Statement Retained Earnings Balance Sheet DR CR DR CR DR CR DR CR Cash $ 30,000 $ 30,000 Accounts Receivable 50,000 50,000 Inventory 10,000 10,000 Building 100,000 100,000 Accumulated Dep. - Building $ 20,000 $ 20,000 Accounts Payable 10,000 10,000 Accrued Salaries Payable 10,000 10,000 Depreciation Expense 10,000 $ 10,000 Salaries Expense 10,000 10,000 Room Sales Revenue 50,000 $ 50,000 Dividends 10,000 10,000 Common Stock 60,000 60,000 Retained Earnings, beginning 70,000 70,000 $ 220,000 $ 220,000 $ 20,000 $ 50,000 Net Income 30,000 30,000 Retained Earnings, ending 90,000 90,000 Total $ 50,000 $ 50,000 $ 100,000 $ 100,000 $ 190,000 $ 190,000 Does this company have a net income or net loss? net Income What is the amount of Net Income? $ 30,000 2. Based on the worksheet above, prepare financial statements. a. Single Step Income Statement The date of preparation of this statement: January 31, 2017 JYP Corporation Income Statement
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  • Spring '14
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