2. Richmond Wins, Inc., had the following alphabetical list of account

QUESTION

2. Richmond Wins, Inc., had the following alphabetical list of accounts taken from its adjusted trial balance at December 31, 20B:Accounts Payable$10,000Accounts Receivable 14,000Accumulated Depreciation-Building 13,400Advertising Expense 6,400Buildin
2 Richmond Wines Income statement For the year of December 31, 20B. Sales Revenue: Sales 100000 Less: Cost of Goods Sold 52000 Gross Profit: 48000 Operating Expences: Insurance 1900 Depreciation 1000 Advertising 6400 Salaries 24000 Suppli Expences 800 Total Expences: 34100 Income from Operations: 13900 Revenues 13900 Rent Revenue 1700 Net Income: 15600 3 Balance Sheet of Star search Videos Company. Assets: Current Assets: Accounts Receivable 13000 Cash 24000 Supplies 1000 Prepaid Insurance 3000 Total Current Assets 41000 Property, Plant, and Equipment: Buildings 60000 Less: Accumulated Depreciation 6000 54000 Furniture & Fixtures 15000 Less: Accumulated Depreciation 9000 6000 Land 25000 Total Property, Plant, and Equipment: 85000 Intangible Assets: Coppyrights 22000 Total Assets: 148000 Liabilities & Shareholders Equity: Current Liabilities:

s Payble 12000 Salaries Payble 2000 Total Current Liabilities: 14000 Long term Debt Notes Payble 40000 Shareholders Equity: Capital Stock 40000 Retained Earnings 54000 Total Shareholders Equity: 94000 Total Liabilities & Shareholders Equity: 148000 Workings: Sales Revenue(A) 85000 Less: Expences Salaries 28000 Insurance Expences 2000 Depreciation 5000 Utilities Expences 2000 Office Supplies Expences 1000 Inteest Expences 4000 Total Expences (B) 42000 Income(A B) 43000 Less: Dividends Delared 12000 Net Income 31000 Retained Earnings 23000 Total Retained Earnings: 54000

ANSWER:

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