WK 5 ACC 280 Final Exam(3)

WK 5 ACC 280 Final Exam(3) - ACC 280 FINAL EXAM PROBLEM 1...

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ACC 280 FINAL EXAM PROBLEM 1 WIDGET Company has the following adjusted trial balance at December 31, 2006. No dividends have been declared. Account Debit Credit Cash $1,500 Accounts Receivable 2,000 Interest receivable 30 Prepaid Insurance 2,300 Notes Receivable 3,000 Equipment 12,000 Accumulated Depreciation $300 Accounts payable 1,600 Accrued Expenses Payable 3,820 Income Taxes payable 2,900 Unearned rent revenue 600 Contributed capital 2,400 Retained earnings 1,000 Sales revenue 42,000 Interest Revenue 30 Rent revenue 300 Wages expense 21,600 Depreciation expense 300 Utilities expense 220 Insurance expense 100 Rent expense 9,000 Income Tax Expense 2,900 TOTAL $54,950 $54,950 1. Prepare in proper form an income statement for 2006. Widget Company’s core operations related to computer technology. How much net income did Widget Company generate during 2006? 2. Prepare in proper form a statement of retained earnings for 2006. 3.
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This note was uploaded on 07/31/2009 for the course ACC accounting taught by Professor Norris during the Spring '09 term at University of Phoenix.

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WK 5 ACC 280 Final Exam(3) - ACC 280 FINAL EXAM PROBLEM 1...

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