Module 3 Assignment:
Prepare the statement of retained earnings and balance sheet for Ma and Pa Grocery as of December 31, 20XX.
Calculate the current ratio for the year.
Sales Revenue
Equipment
Accounts Payable
Sales Discounts
Advertising Expense
Interest Expense
Wages Payable
Accounts Receivable
Building
Common Stock
Sales returns and Allownaces
Utilities Expense
Inventory
Commission Expense
Cost of goods sold
Accumulated depreciation-equipment
Unearned sales revenue
Prepaid Rent
Office salaries expense
Accumulated depreciation-building
Rent Expense
Dividends
cash
retained earnings
dielivery expense
insurance expense
mortgage payable(long term)
Supplies
322,800
104,000
16,500
2,200
12,600
1,700
1,600
6,900
140,000
35,000
6,700
10,300
16,400
22,300
158,400
26,400
2,500
1,200
52,000
40,500
5,800
14,000
7,800
87,600
1,300
5,700
37,000
600
Requirements:
1
Prepare the Statement of Retained Earnings for the period ending 12/31/20XX. Assume a net income of $43
Ma and Pa Grocery
Statement of Retained Earnings
For the year ending 12/31/20XX
Retained Earnings, 1/1/20XX
Plus: Net Income
Less: Dividends
Net Increase in Retained Earnings
Retained Earnings, 12/31/20XX
2
Prepare the Balance Sheet for the period ending 12/31/20XX.
Ma and Pa Grocery
Balance Sheet
12/31/20XX
ASSETS
Current Assets:
Cash
Accounts Receivable
Inventoru
Supplies
Prepaid Rent
Total Current Assets
Fixed Assets:
Equipment
Less: Accumulated Depreciation, Equipment
Building
Less: Accumulated Depreciation, Building
Total Assets
3
Current Liabilities:
Accounts Payable
Wages Payable
Unearned Sales Revenue
Total Current Liabilitie
Long-Term Liabilities:
Mortgage Payable
Total Liabilities
STO
Common Stock
Retained Earnings
Total Stockholder’s Equity
Total Liabilities and Stockho
Calculate the current ratio for the year. Show your work. Formula: Current Assets / Current Liabilities
Current Ratio
=
December 31, 20XX.
X. Assume a net income of $43,800.
Grocery
Sheet
20XX
LIABILITIES
Current Liabilities:
Accounts Payable
Wages Payable
Unearned Sales Revenue
Total Current Liabilities
Long-Term Liabilities:
Mortgage Payable
Total Liabilities
STOCKHOLDER’S EQUITY
Common Stock
Retained Earnings
Total Stockholder’s Equity
Total Liabilities and Stockholder’s Equity
sets / Current Liabilities
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