FinStatProbBristow[1] - PART IV. MAKING FINANCIAL...

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PART IV. MAKING FINANCIAL STATEMENTS, 23 POINTS TOTAL. BRISTOW CORPORATION [FROM THE FALL 2006 EXAM #1] SOLUTION ON THE BACK! From the information given below about the adjusted accounts of the Bristow Corporation, make an income statement, statement of retained earnings, and balance sheet. Be sure to label all three parts of the balance sheet! Note that the accounts are in no particular order. Accounts Payable 900 Equipment 20,000 Salary Payable 500 Salary Expense 4,000 Supplies 400 Cash 100 Accounts Receivable 1,500 Unearned Revenues 700 Depreciation Expense 2,500 Prepaid Rent 3,000 Accumulated Depreciation 6,100 Advertising Expense 1,000 Dividends 6,000 Revenues 19,000 Common Stock 15,900 Retained Earnings 400 Rent Expense 5,000
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BRISTOW CORPORATION: SOLUTION INCOME STATEMENT REVENUES $19,000 SALARY EXPENSE (4,000) DEPRECIATION EXPENSE (2,500) ADVERTISING EXPENSE (1,000) RENT EXPENSE (5,000) NET INCOME $6,500 STATEMENT OF RETAINED EARNINGS BEGINNING RETAINED EARNINGS $ 400 Plus NET INCOME
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This note was uploaded on 06/17/2011 for the course LITERATE 101 taught by Professor Paul during the Spring '11 term at Aligarh Muslim University.

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FinStatProbBristow[1] - PART IV. MAKING FINANCIAL...

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