Income statement, Balance Sheet, and Statement of Retained Earnings
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Waimea Trading Company's trial balance as of December 31, 2007, is shown below
Waimea Trading Company
Work sheet
31-Dec-07
Salaries expense 400
Retained earnings (4,450)
Prepaid rent 500
Marketable securities 300
Common stock (2,700)
Interest revenue (300)
Interest receivable 300
Officer's salaries 600
Accounts payable (700)
Office expense 300
Cost of goods sold 4,300
Equipment 1,000
Income tax expense 200
Rent expense 300
Inventory 1,100
Dividends 800
Cash 3,200
Sales revenue (8,400)
Short-term notes receivable 3,750
Income tax payable (300)
Long-term notes payable (1,000)
Accounts receivable 800
Required:
"Rearrange the items and balances into an income statement, statement of retained earnings, and balance sheet. The beginning retained earnings reflected a 700 net loss from previous periods. You can present the account balances on the balance sheet as positive numbers. The balance sheet should balance. The number of rows on the solution worksheet are not indicative of the number of entries in each section. You may have to add or delete rows to achieve your desired solution."
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Solution Summary
The solution involves presenting items on an account balance sheet.
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