Preparation of an Income statement and statement of Retained earnings from an Adjusted trial Balance
1. Shah Corporation’s adjusted trial balance on December 31, 2014, contains the following accounts and balances: Retained Earnings, $8,600; Dividends, $350; Service Revenue, $2,600; Rent Expense, $400; Wages Expense, $900; Utilities Expense, $200; Telephone Expense, $50; and Income Taxes Expense, $350. Prepare an income state- ment and statement of retained earnings for the month of December.
Preparation of an Income statement and statement of Retained earnings from an Adjusted trial Balance.
2. Malesherbes Corporation’s adjusted trial balance on June 30, 2014, contains the following accounts and balances: Retained Earnings, $12,750; Dividends, $580; Ser- vice Revenue, $6,300; Rent Expense, $900; Wages Expense, $1,050; Utilities Expense, $300; Telephone Expense, $90; and Income Taxes Expense, $215. Prepare an income statement and statement of retained earnings for the month of June.
