ollowing account balances were included in the trail balance of J.R. Reid Corporation at June 30, 2007. Sales Sales discount Cost of goods sold Sales salaries Sales commissions Travel expense-salespersons Entertainment expense Telephone and Internet expense-sales Depreciation of sales equipment Bond interest expense Dividends declared on common stock The Retained Earnings account had a balance of $437,000 at July 1, 2006. $2,878,500 41,150 896,770 56,260 87,600 38,930 14,820 9,030 4,980 13,000 35,000 Instructions a) Prepare an income statement and a retained earnings statement for the year ended June 30, 2007.

ollowing account balances were included in the trail balance of J.R. Reid Corporation at June 30, 2007. Sales Sales discount Cost of goods sold Sales salaries Sales commissions Travel expense-salespersons Entertainment expense Telephone and Internet expense-sales Depreciation of sales equipment Bond interest expense Dividends declared on common stock The Retained Earnings account had a balance of $437,000 at July 1, 2006. $2,878,500 41,150 896,770 56,260 87,600 38,930 14,820 9,030 4,980 13,000 35,000 Instructions a) Prepare an income statement and a retained earnings statement for the year ended June 30, 2007.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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