Can you guy help with my accounting homework please pretty please!?
Question:
The following info. was obtain from the record of Wilcox, Inc., as of Dec 31, 2006
Land.....$42500
Building....197550
Salaries expense....125350
Utilities expense...5250
acct payable.....$38050
revenues....389950
supplies....72500
retained earning(1/1/06).311000
Capital stock(2,000 share outstanding).65000
acct receivable........
supplies expense.....110600
cash........
note payable(long-term)..63800
rent expenses.....21200
Dividends in 2006...95500
Other expenses...11250
Income taxes......35000
Required:
1 Prepare an income statement for the year ended Dec 31 2006.
2 Prepare a classified balance sheet as of Dec 31 2006.
3 Interpertive Question: Why is the balance in Retained Earinings so large as compared with the balance in Capital Stock?
Answer:
Use technology to help you. just search around on the internet
do your own homework
ask ur teacher for help and do your own homework
don't you have an accounting textbook? i'm sure they have examples in there. i'm in accounting too. don't CHEAT!
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