Reference no: EM132680669
Question - Jackson, Inc. was started on January 1, 2002. The following is the adjusted trial balance at December 31, 2018:
Notes Payable - due 12/31/21 9,000
Equipment 30,000
Service Revenue 26,500
Supplies Expense 3,500
Depreciation Expense 500
Cash 16,500
Prepaid Rent 4,000
Utilities Expense 1,200
Supplies 2,800
Salaries Expense 7,000
Unearned Revenue 1,500
Accounts Receivable 11,500
Accumulated Depreciation 5,000
Retained Earnings - 1/1/18 6,000
Rent Expense 1,000
Accounts Payable 3,500
Interest Expense 100
Dividends 8,400
Common Stock 35,000
Instructions -
1. Calculate net income (or net loss) for the year ended December 31, 2018.
2. Calculate ending Retained Earnings at December 31, 2018.
3. Calculate total current assets at December 31, 2018.
4. Calculate the book value of the Equipment at December 31, 2018.
5. Calculate total current liabilities at December 31, 2018.