Question

The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below.
  

Accounts	Debit			Credit
Cash	$	11,900
Accounts Receivable		149,000
Prepaid Rent		5,900
Supplies		29,500
Equipment		390,000
Accumulated Depreciation				$	134,000
Accounts Payable					11,900
Salaries Payable					10,900
Interest Payable					4,900
Notes Payable (due in two years)					39,000
Common Stock					290,000
Retained Earnings					59,000
Service Revenue					490,000
Salaries Expense		390,000
Rent Expense		19,500
Depreciation Expense		39,000
Interest Expense		4,900
Totals	$	1,039,700		$	1,039,700

2. Prepare a statement of stockholders' equity for the year ended December 31, 2018, assuming no common stock was issued during 2018.

Answer 1

P & L Account
Salaries Expense	390,000		Service Revenue	490,000
Rent Expense	19,500
Depreciation Expense	39000
Interest Expense	4900
Net income	36,600
	490,000			490,000
Statement of stockholders equity
Common Stock		290000
Retained Earnings		59000
Net income		36,600
Stock holders equity		385600