FinancialStatements
On December 31, 2016, theaccounts in the ledger of Monroe Entertainment Co. are listedbelow. All accounts have normal balances. At the beginning of theyear, retained earning balance is $4,000.
Note Payable due10/31/2018
$ 10,000
AccountsReceivable
6,000
Accumulated Depreciation-Equipment (Credit balance)
6,000
Dividends
1,000
Cash
16,000
DepreciationExpense
5,000
Equipment
12,000
Fees Earned
50,000
Rent Expense
6,000
Supplies
2,000
SuppliesExpense
3,000
Wages Expense
21,000
Wages Payable
2,000
Q1. Generate the Income statement
MonroeEntertainment Company
IncomeStatement
For the YearEnded December 31, 2016
Revenues:
S
Total Revenue
Expenses:
Total Expenses:
NetIncome
$
2. Please generate Retained EarningsStatement based upon the above information and net income youcalculated.
Monroe EntertainmentCompany
Retained EarningsStatement
For the Year Ended Dec 31,2016
Retained Earnings at beginning of theyear
$___4,000 __________
Net Income
_____________________
Less: Dividends
_____________________
Net Increase/(Decrease) in the end
______________________
Retained Earnings at end of the year
$_____________________
3. Please generate BalanceSheet as of December 31, 2016.
MonroeEntertainment Company
BalanceSheet
Dec 31,2016
Assets
Liabilities
$
$
TotalAssets
$
Total Liabilitiesand Shareholders’ Equity
$
“Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!”
What Students Are Saying About Us
.......... Customer ID: 12*** | Rating: ⭐⭐⭐⭐⭐"Honestly, I was afraid to send my paper to you, but splendidwritings.com proved they are a trustworthy service. My essay was done in less than a day, and I received a brilliant piece. I didn’t even believe it was my essay at first 🙂 Great job, thank you!"
.......... Customer ID: 14***| Rating: ⭐⭐⭐⭐⭐
"The company has some nice prices and good content. I ordered a term paper here and got a very good one. I'll keep ordering from this website."
