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The following info. was obtain from the record of Wilcox, Inc., asof Dec 31, 2006
Land..............$42500Building..........197550Salaries expense.......125350Utilities expense.........5250acct payable...........$38050revenues................389950supplies................72500retained earning(1/1/06)....311000Capital stock(2,000 share outstanding)....65000acct receivable.....................90000supplies expense.................110600cash.....................................note payable(long-term).....63800rent expenses.................21200Dividends in 2006.........95500Other expenses............11250Income taxes...............35000
Required:1 Prepare an income statement for the year ended Dec 31 2006.2 Prepare a classified balance sheet as of Dec 31 2006.3 Interpertive Question: Why is the balance in Retained Eariningsso large as compared with the balance in Capital Stock?
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Show entries in general journal form for the following transactions of Bothwell Regional Hospital, a not-for-profit hospital.
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