Determine retained earnings statement for ended December

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Reference no: EM132472594

The Green and Silver Company started operations on January 1, 2018. The trial balance is proviced below.

Green and Silver Company

Trial Balance

For the Year Ended December 31, 2019

Debits

Credits

Cash

S             7,000

$

Accounts Receivable

3,200

 

Prepaid Insurance

1,080

 

Inventory

6,300

 

Land

4,200

 

Equipment

15,000

 

Accumulated Depreciation - Equipment

 

350

Notes Payable

 

5,000

Accounts Payable

 

1,070

Salaries and Wages Payable

 

300

Interest Payable

 

50

Deferred Revenue

 

800

Common Stock

 

1,400

Additional Paid in Capital

 

12,600

Retained Earnings

 

10,500

Dividends

600

 

Sales

 

23,200

Cost of Sales

10,350

 

Salaries and Wages Expense

3,850

 

Depreciation Expense

350

 

Insurance Expense

1,800

 

Utilities Expense

1,490

 

Interest Expense

50

 

 

S          55,270

$        55,270

Instructions:

Question 1: Using the trial balance, prepare an income statement and retained earnings statement for the year ended December 31, 2019 and a balance sheet as of December 31, 2019 in good form.  Be sure to include subtotals like current assets, current liabilities, and gross profit.

Reference no: EM132472594

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