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    jnknskn's Avatar
    jnknskn Posts: 1, Reputation: 1
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    #1

    Aug 1, 2011, 08:57 AM
    The income statement for the year ended December 31, 2009, the balance sheets for Dec
    The income statement for the year ended
    December 31, 2009, the balance sheets for December 31, 2009 and 2008, and the
    Statement of retained earnings for the year ended December 31, 2009, for Technica,
    Inc. are given on pages 82 and 83. Briefly discuss the form and informational content
    Of each of these statements.
    Unknown008's Avatar
    Unknown008 Posts: 8,076, Reputation: 723
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    #2

    Aug 1, 2011, 09:13 AM

    First, be aware that this is not a homework service site.
    Secondly, I don't think I have your book to see what the balance sheets look like...
    heartlymarie's Avatar
    heartlymarie Posts: 2, Reputation: 1
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    #3

    Oct 2, 2013, 03:40 PM
    25. The records of Sky master. Airplane Rentals show the following information as of December 31, 2009

    Dividends of $52,000 were paid during 2009.
    Using the above information, prepare a balance sheet and income statement at December 31, 2009.
    heartlymarie's Avatar
    heartlymarie Posts: 2, Reputation: 1
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    #4

    Oct 2, 2013, 03:48 PM
    Correction: here's the entire problem I need help solving:

    25. The records of Sky master. Airplane Rentals show the following information as of December 31, 2009

    Accounts Payable $36,000
    Insurance Expense $2,000
    Accounts Rcvble $24,000
    Retained earnings dec. 31, 2008 $130,000
    Airplanes $150,000
    Notes Payable $47,000
    Hangar $60,000
    2009 Wages expenses $75,000
    2009 Advertising expenses $22,000
    Cash $11,000
    Common Stock $20,000
    Office furniture $15,000
    2009 Maintenance expenses $39,000
    2009 Revenues $217,0000

    Dividends of $52,000 were paid during 2009.
    Using the above information, prepare a balance sheet and income statement at December 31, 2009.

    My attempt: My assets and OE is not matching... Can anyone help? I have $378,000 for OE and $260,000 for Assets? Uggghhh..
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #5

    Oct 3, 2013, 08:51 AM
    Set-up a Worksheet for this as it will make things easier for you.

    Your Assets are correct at $260,000
    Your Liabilities are $83,000
    So your ending Owners Equity will be $260,000 minus $83,000

    The difference between your revenues and expenses is net income on the Income Statement, which will be added to Retained Earnings on the Balance Sheet. Also the cash dividends will be deducted from Retained Earnings on the balance sheet.

    Attached is a sample Worksheet. Your debits and credits on your Worksheet should equal 450,000
    Attached Files
  1. File Type: xls Lakeside Worksheet - IS and BS added.xls (23.0 KB, 188 views)
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