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Homework answers / question archive / The following is adjusted trial balance (TB) for Dubai Co

The following is adjusted trial balance (TB) for Dubai Co

Accounting

The following is adjusted trial balance (TB) for Dubai Co. at December 31, 2018 after preparing income statement Account Name Dr Cr Cash 5400 Account Receivable 11,000 Supplies 7,000 Prepaid rent 4,000 Equipment 38,000 Accumulated depreciation $ 8,000 Unearned services revenue 13,000 Interest payable 200 Retained Earnings 1/1/2018 800 Dividends 2,000 Net income 10,000 Capital Shares 70,000 Total 102,000 102,000 Required: 1. Prepare retained earnings for 2018. 2. Prepare balance sheet at Dec 31, 2018

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Answer is as follows:

1. Retained Earnings for 2018: $8800

Opening Balance $800

(+) Net Income $10000

(-) Dividends ($2000)

Closing Balance    $8800

2. Balance Sheet as on December, 31, 2018

Liabilitues Amount $ Assets Amount $

Capital Shares   70000 Equipment (less Acc. Depreciation)

Retained Earnings (from 1 above) 8800    (38000 - 8000) 30000

Unearned Service Revenue    13000   Cash   40000

Interest Payable 200 Accounts Receivable 11000

Prepaid Rent 4000

Supplies 7000

Total 92000 Total 92000

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