Prepare the companys statement of retained earnings

Reference no: EM13666266

Mackenzie, Inc. uses a perpetual inventory system and has prepared the following adjusted trial balance on December 31, 2013:

Debit Credit

Cash 2,520

Accounts Receivable 3,570

Allowance for Doubtful Accounts 130

Inventory 7,220

Prepaid Insurance 830

Land 5,400

Buildings and Equipment 30,800

Accumulated Depreciation 15,400

Accounts Payable 2,880

Salaries Payable 330

Unearned Rent 360

Income Taxes Payable 2,262

Note Payable (due July 2017) 4,550

Interest Payable (due July 2017) 770

Common Stock (1,400 shares) 8,400

Retained Earnings, January 1, 2013 11,100

Dividends 1,120

Sales Revenue 33,300

Sales Returns 2,410

Rent Revenue 1,450

Cost of Goods Sold 15,900

Selling Expenses 4,970

Administrative Expenses 3,160

Interest Expense 770

Income Tax Expense 2,262

Totals 80,932 80,932

1. Prepare the company's income statement

2. Prepare the company's statement of retained earnings

3. Prepare the company's closing entries in the general journal

Reference no: EM13666266

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