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BUS 5003 - Assignment Template Module 3

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31 views2 pages

BUS 5003 - Assignment Template Module 3

Uploaded by

Anthony
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLS, PDF, TXT or read online on Scribd
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Below is the adjusted trial balance for Manufacturing Corp.

as of fiscal year-end
December 31, 2022.

Your job as the accountant is to prepare the (1) income statement, (2) retained
Instructions
earnings statement, and (3) balance sheet based on the adjusted trial balance.

Please use the template in tab two entitled "Statements" which includes the
three statements formatted for your use in this assignment.

35 Total Points:

Income Statement (12 Points)


Statement of Owners' Equity (11 Points)
Grading
Balance Sheet (12 Points)

Grading: Full credit if statement is 100% correct, Half credit if the statement is
50% correct, Zero credit is the statement is fully incorrect.

Marina Corp.
Adjusted Trial Balance
31-Dec-20
Debit Credit
Cash $ 3,900
Accounts Receivable 2,200
Supplies 1,800
Equipment 15,000
Accumulated Depreciation—Equipment 4,000
Accounts Payable 3,800
Unearned Service Revenue 5,000
Common Stock 10,000
Retained Earnings 4,400
Dividends 2,000
Service Revenue 3,700
Supplies Expense 600
Depreciation Expense 2,500
Rent Expense 2,900
$30,900 $30,900
Marina CORP.
Income Statement
For the Month Ended December 31, 2022
Revenues
Service revenue $ 3,700

Expenses
Rent expense 2,900
Depreciation expense 2,500
Supplies expense 600
Total expenses 6,000
Net income (loss) $ (2,300)

Marina CORP.
Retained Earnings Statement
For the Month Ended December 31, 2022
Retained earnings, December 1 $ 8,700
Less: Net loss 2,300
Dividends 2,000 4,300

Retained earnings, December 31 $ 4,400

Marina CORP.
Balance Sheet
December 31, 2022
Assets
Cash $ 3,900
Accounts receivable $ 2,200
Supplies 1,800
Equipment 15,000
Less: Accumulated depreciation - equipment (300) 15,300
Total assets $ 23,200
Liabilities and Stockholders' Equity
Liabilities
Accounts payable 3,800
Unearned service revenue 5,000
Total liabilities 8,800
Stockholders' Equity
Common stock 10,000
Retained earnings 4,400 14,400
Total liabilities and
stockholders' equity 23,200

Balanced? 1

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