Prepare an Income Statement, a statement of Retained Earnings and a Balance Sheet.Also, calculate profit margin, current ratio, working capital, assets turnover and debt ratio.ABC Company
Problem # 1
Adjusted Trial Balance
Debit
Cash
Credit
$ 5,400
Accounts receivable
8,600
Supplies
4,200
Prepaid Insurance
930
Office equipment
90,000
Accumulated depreciation
$ 13,000
Accounts payable
16,100
Unearned subscription revenue
10,000
Salaries Payable
3,500
Common Stock
51,000
Retained earnings
23,220
Subscription Revenue
188,300
Advertisement Revenue
Salaries expense
Printing and mailing expense
49,700
140,230
85,600
Rent expense
4,800
Supplies expense
6,100
Insurance expense
1,860
Depreciation expense
5,500
Income tax expense
1,600
Totals
$354,820
$354,820
Required:
Prepare an Income Statement, a statement of Retained Earnings and a Balance Sheet.
Also, calculate profit margin, current ratio, working capital, assets turnover and debt ratio.
CDE Company
Problem # 2
Adjusted Trial Balance
Debit
Cash
$ 23,500
Accounts receivable
8,000
Prepaid Insurance
3,600
Equipment
Credit
80,000
Accumulated depreciation
$ 12,000
Accounts payable
600
Common Stock
55,000
Retained earnings
14,200
Cash Dividends
7,500
Service fees earned
102,200
Miscellaneous Income
4,200
Salaries Expense
42,800
Rent expense
13,000
Insurance expense
1,800
Depreciation expense
8,000
Income Tax expense
8,800
Income Tax Payable
Totals
8,800
$197,000
$197,000
Required:
Prepare an Income Statement, a statement of Retained Earnings and a Balance Sheet.
Also, calculate profit margin, current ratio, working capital, assets turnover and debt ratio.
XYZ Company
Problem # 3
Adjusted Trial Balance
Debit
Cash
$ 19,800
Accounts receivable
5,250
Supplies
5,300
Prepaid Advertising
3,000
Trucks
30,300
Accumulated depreciation – Trucks
Equipment
Credit
$ 10,000
7,600
Accumulated depreciation – Equipment
2,100
Accounts payable
1,200
Unearned service fees
6,700
Common Stock
20,000
Retained earnings
16,050
Dividends
12,000
Service fees earned
90,000
Wages expense
29,800
Rent expense
10,200
Insurance expense
4,900
Supplies expense
5,100
Advertising expense
8,000
Depreciation expense – Trucks
4,000
Depreciation expense – Equipment
Totals
800
$146,050
$146,050
Required:
Prepare an Income Statement, a statement of Retained Earnings and a Balance Sheet.
Also, calculate profit margin, current ratio, working capital, assets turnover and debt ratio.
Problem #4
Cash
$ 5,000
Accounts receivable
3,270
Supplies
5,060
Prepaid Insurance
1,500
Equipment
9,400
Accumulated depreciation – Equipment
$ 1,080
Accounts payable
845
Long-Term notes payable
7,000
Common stock
6,000
Retained earnings
7,505
Dividends
2,900
Service fees earned
62,400
Rent expense
15,000
Salaries expense
33,400
Supplies expense
4,700
Insurance expense
3,250
Depreciation expense – Equipment
720
Interest expense
630
Totals
$ 84,830
$ 84,830
Required:
Prepare an Income Statement, a statement of Retained Earnings and a Balance Sheet.
Also, calculate profit margin, current ratio, working capital, assets turnover and debt ratio.
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