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Q1. Teletronix Inc. trial balance at December 31, 2018, is presented below.
DEBIT CREDIT
Cash. $ 28,000
Accounts Receivable. 86,800
Notes Receivable... 10,000
Merchandise Inventory. 36,000
Prepaid Insurance.. 3,800
Land.. 20,000
Building. 150,000
Equipment 60,000
Patent 9,000
Allowance for Doubtful Accounts. $ 500
Accumulated Depreciation Building.. 50,000
Accumulated Depreciation Equipment. 24,000
Accounts Payable.. 44,300
Interest Payable. -0-
Mortgage bonds Payable 48,600
Winterschid, Common Stock.... 100,000
Retained Earnings. 20,000
Sales 880,000
Cost of Goods Sold 550,000
Interest Expense ... 30,000
Income Tax Expense 12,000
Selling, General & Administrative Expenses. 61,800
Salaries Expense.. 110,000 000
Total $1,167,400 $1,167,400
Instructions: (100 pts)
a. Prepare an income statement.
b. Prepare a retained earnings statement.
c. Prepare a classified balance sheet.
Answer & Explanation
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