3 Graded Assignments Question The followng information appli

3 Graded Assignments Question The followng information applies to the questions displayed below The December 31, 2018, adjusted trial balance for Fightin\' Blue Hens Corporation is presented below Debit Credit $12.000 150,000 6,000 30,000 400,000 Cash Prepaid Rent Supplies Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense $135,000 12,000 11,000 5,000 40,000 300,000 60,000 500,000 400,000 20,000 40,000 5,000 Depreciation Expense Interest Expense Totals $1,063,000 $1,063,000 9 2.11 points O Type here to pearch

Solution

FIGHTIN BLUE HENS CORPORATION INCOME STATEMENT PARTICULARS AMOUNT Revenue $                5,00,000 Less : Expenses Salary Expenses $                4,00,000 Rent Expenses $                    20,000 Interest Expenses $                      5,000 Depreciation Expense $                    40,000 Net Income $                    35,000 FIGHTIN BLUE HENS CORPORATION STATEMENT OF SHAREHOLDER\'S EQUITY Common Stock Retained Earnings Total Stockholders Equity Balance at January 1 $                3,00,000 $                                                   60,000 $                    3,60,000 Add: Profit of the year $                             -   $                                                   35,000 $                       35,000 Less: Dividends 0 0 Balance as on December 31 $                3,00,000 $                                                   95,000 $                    3,95,000 FIGHTIN BLUE HENS CORPORATION BALANCE SHEET ASSETS AMOUNT LIABILITIES AMOUNT FIXED ASSETS CURRENT LIABILITIES AMOUNT Equipment 400000 Account Payable $                       12,000 Salary Payable $                       11,000 Interest Payable $                          5,000 TOTAL FIXED ASSETS (A) 400000 Accumulated Depreciation 135000 TOTAL CURRENT LIABILITIES $                    1,63,000 CURRENT ASSETS Account Receivable $                1,50,000 Long Term Debt Cash $                    12,000 Not Payable $                       40,000 Supplies $                    30,000 Prepaid Rent $                      6,000 TOTAL LIABILITIES (A) $                    2,03,000 TOTAL CURRENT ASSETS(b) $                1,98,000 OWNER\'S EQUITY Common Stock $                    3,00,000 Retained Earning $                       95,000 $                             -   TOTAL OWNER\'S EQUITY (B) $                    3,95,000 TOTAL ASSETS (A + B) $                5,98,000 TOTAL LIABILITIES AND OWNERS EQUITY (A +B) $                    5,98,000