Question

Using the adjusted trial balance and Income Statement shown below, prepare a Retained Earnings Statement and a Balance Sheet for White Enterprises. Use Excel or Word and upload your file (convert to pdf if using Apple products), or handwrite the statements and upload as a pdf or jpg.

White Enterprises
Adjusted Trial Balance
as of December 31, 2020
	Debit	Credit
Cash	$         20,200
Accounts receivable	70,600
Supplies	2,500
Shop equipment	26,600
Accumulated depreciation: shop equipment		$           9,600
Accounts payable		18,000
Notes payable		3,700
Income taxes payable		26,700
Capital stock		22,200
Retained earnings		5,900
Dividends	16,700
Fees earned		127,400
Rent expense	9,000
Wages expense	35,600
Supplies expense	2,900
Utilities expense	2,100
Depreciation expense: shop equipment	600
Income taxes expense	26,700
	$       213,500	$       213,500

White Enterprises
Income Statement
For the year ended December 31, 2020
Fees earned		$       127,400
Expense:
Rent expense	$           9,000
Wages expense	35,600
Supplies expense	2,900
Utilities expense	2,100
Depreciation expense: shop equipment	600	50,200
Income before income taxes		77,200
Income tax expense		26,700
Net income		$         50,500

Answer 1