The adjusted trial balance of Mark Cooper Co. as of December 31, 2020, contains the following. MARK COOPER CO. ADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Debit Credit Cash $20,287 Accounts Receivable 7,735 Prepaid Rent 3,095 Equipment 18,865 Accumulated Depreciation-Equipment $5,710 Notes Payable 6,515 Accounts Payable 6,287 Common Stock 20,815 Retained Earnings 12,125 Dividends 3,815 Service Revenue 12,405 Salaries and Wages Expense 7,655 Rent Expense 2,198 Depreciation Expense 207 Interest Expense 145 Interest Payable 145 $64,002 $64,002 (a) Correct answer icon Your answer is correct. Prepare an income statement. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) MARK COOPER CO. Income Statement choose the accounting period select an opening name for section one enter an income statement item $enter a dollar amount select an opening name for section two enter an income statement item $enter a dollar amount enter an income statement item enter a dollar amount enter an income statement item enter a dollar amount enter an income statement item enter a dollar amount select a closing name for section two enter a total amount for section two select a closing name for this statement $enter a total net income or loss amount Attempts: 1 of 9 used (b) Prepare a statement of retained earnings. (List items that increase retained earnings first.) MARK COOPER CO. Statement of Retained Earnings choose the accounting period select an opening name $enter a dollar amount select between addition and deduction : select an item enter a dollar amount enter a subtotal of the two previous amounts select between addition and deduction : select an item enter a dollar amount select a closing name $enter a total amount Save for Later

The adjusted trial balance of Mark Cooper Co. as of December 31, 2020, contains the following. MARK COOPER CO. ADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Debit Credit Cash $20,287 Accounts Receivable 7,735 Prepaid Rent 3,095 Equipment 18,865 Accumulated Depreciation-Equipment $5,710 Notes Payable 6,515 Accounts Payable 6,287 Common Stock 20,815 Retained Earnings 12,125 Dividends 3,815 Service Revenue 12,405 Salaries and Wages Expense 7,655 Rent Expense 2,198 Depreciation Expense 207 Interest Expense 145 Interest Payable 145 $64,002 $64,002 (a) Correct answer icon Your answer is correct. Prepare an income statement. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) MARK COOPER CO. Income Statement choose the accounting period select an opening name for section one enter an income statement item $enter a dollar amount select an opening name for section two enter an income statement item $enter a dollar amount enter an income statement item enter a dollar amount enter an income statement item enter a dollar amount enter an income statement item enter a dollar amount select a closing name for section two enter a total amount for section two select a closing name for this statement $enter a total net income or loss amount Attempts: 1 of 9 used (b) Prepare a statement of retained earnings. (List items that increase retained earnings first.) MARK COOPER CO. Statement of Retained Earnings choose the accounting period select an opening name $enter a dollar amount select between addition and deduction : select an item enter a dollar amount enter a subtotal of the two previous amounts select between addition and deduction : select an item enter a dollar amount select a closing name $enter a total amount Save for Later

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 4PB

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(a)

Correct answer icon

Your answer is correct.

Prepare an income statement. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

MARK COOPER CO. Income Statement choose the accounting period
select an opening name for section one
enter an income statement item		$enter a dollar amount
select an opening name for section two
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two		enter a total amount for section two
select a closing name for this statement		$enter a total net income or loss amount

Attempts: 1 of 9 used

(b)

Prepare a statement of retained earnings. (List items that increase retained earnings first.)

MARK COOPER CO. Statement of Retained Earnings choose the accounting period
select an opening name	$enter a dollar amount
select between addition and deduction :	select an item	enter a dollar amount
		enter a subtotal of the two previous amounts
select between addition and deduction :	select an item	enter a dollar amount
select a closing name	$enter a total amount

Save for Later

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MARK COOPER CO. ADJUSTED TRIAL BALANCE DECEMBER 31, 2020
	Debit	Credit
Cash	$20,287
Accounts Receivable	7,735
Prepaid Rent	3,095
Equipment	18,865
Accumulated Depreciation-Equipment			$5,710
Notes Payable			6,515
Accounts Payable			6,287
Common Stock			20,815
Retained Earnings			12,125
Dividends	3,815
Service Revenue			12,405
Salaries and Wages Expense	7,655
Rent Expense	2,198
Depreciation Expense	207
Interest Expense	145
Interest Payable			145
	$64,002		$64,002