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Accounting Project 1a retained

Accounting Project 1a retained - $42,900 Equipment $110,000...

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Wiley Department Store Retained Earning Statement For the year ended December 31st, 2005 Retained earning, Jaurary 1 26600.00 Add: Net Income 16100.00 42700.00 Less: Dividends 28000.00 Retained earning, December 31 14700.00 Wiley Department Store Balance Sheet For the year Ended December 31, 2005 Assets Current Assets Cash $23,000 Accounts Receivable $50,300 Merchandise Inventory $70,000 Prepaid Insurance $2,400 Total Current Assets $145,700 Property, Plant, and Equipment Building $190,000 Less: Accumulated Depreciation- Building $52,500 Accumulated Depreciation- Equipment
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Unformatted text preview: $42,900 Equipment $110,000 Total Assets $350,300 Liabilities and Stockholders' Equity Current Liabilities Account Payable $89,300 Mortgage Payable due next year $20,000 Property taxes Payable $4,800 Sales Commissions Payable $3,500 Interest Payable $8,000 Total Current Liabilities $125,600 Long Term Liabilities Mortagae payable $60,000 Total liabilities $185,600 Stockholders' Equity Common Stock $150,000 Retained Earning $14,700 Total Liabilities and Stockholders' equity $350,300...
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