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Category > Accounting Posted 18 Aug 2017 My Price 13.00

China Tea Company

The adjusted trial balance for China Tea Company at December 31, 2012, is presented below:   

Accounts Debit Credit
  Cash $ 11,000        
  Accounts receivable   150,000        
  Prepaid rent   5,000        
  Supplies   25,000        
  Equipment   300,000        
  Accumulated depreciation       $ 135,000  
  Accounts payable         20,000  
  Salaries payable         4,000  
  Interest payable         1,000  
  Notes payable (due in two years)         30,000  
  Common stock         200,000  
  Retained earnings         50,000  
  Dividends   20,000        
  Service revenue         400,000  
  Salaries expense   180,000        
  Advertising expense   70,000        
  Rent expense   15,000        
  Depreciation expense   30,000        
  Interest expense   2,000        
  Utilities expense   32,000        
              
          Totals $ 840,000   $ 840,000  

Prepare an income statement for China Tea Company for the year ended December 31, 2012 (Input all amounts as positive values. Omit the "$" sign in your response):

China Tea Company

Income Statement

For the year ended December 31, 2012

     
     
     
     
     
     
     
Total Expense    
Net Income  

 

using the above

repare a classified balance sheet for China Tea Company as of December 31, 2012  Be sure to list the assets and liabilities in the order of their liquidity and remember to calculate ending retained earnings. Amounts to be deducted should be indicated with a minus sign

China Tea Company

Balance Sheet

December 31, 2012

Assets                    Liabilities & Stockholders' Equity  
Current Assets           Current Liabilities        
  $           $      
                     
                     
            Total Current Liabilities   $    
Total Current Assets     $              
Property & Equipment           Total Liabilities        
            Stockholders' Equity        
                     
Net Property & Equipment                    
            Total Stockholders' Equity        
                     
            Total Liabilities and        
Total Assets     $     Stockholders' Equity  

 

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 03:08 PM My Price 13.00

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