Question

Terrell Co. reported the following data at the end of its first year of operations on...

Terrell Co. reported the following data at the end of its first year of operations on December 31.

Equipment $ 27,500
Accounts payable 16,500
Common stock 31,500
Dividends 14,500
Services revenue 76,500
Rent revenue 18,500
Salaries expense 46,500
Advertising expense 12,500
Utilities expense 10,500


(a) Prepare its year-end income statement.
(b) Prepare its year-end statement of retained earnings, using net income calculated in part a.

Prepare its year-end income statement.

  • Required a

TERRELL CO.
Income Statement
For Year Ended December 31
Revenues
Total revenue $0
Expenses
Total expenses 0
$0

B

TERRELL CO.
Statement of Retained Earnings
For Year Ended December 31
0
$0
  • Required A
Business   Accounting   
0 0
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