Prepare income statement and a statement of retained earning

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Reference no: EM131198647

(Adjusting Entries and Financial Statements) Mason Advertising Agency was founded in January 2010.

Presented below are adjusted and unadjusted trial balances as of December 31, 2014.

652_Adjusted and unadjusted trial balances of December 31, 2014.jpg

Instructions

(a) Journalize the annual adjusting entries that were made. (Omit explanations.)

(b) Prepare an income statement and a statement of retained earnings for the year ending December 31, 2014, and an unclassified balance sheet at December 31.

(1) If the note has been outstanding 3 months, what is the annual interest rate on that note?

(2) If the company paid $12,500 in salaries and wages in 2014, what was the balance in Salaries and Wages Payable on December 31, 2013?

Reference no: EM131198647

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