Winterschild Company’s Trial Balance at Dec. 31, 2010

| June 5, 2016

Question
Answer to the following accounting problem based on the attached Trial Balance:

Instructions:

Prepare an income statement

Prepare a stockholder’s equity statement

Prepare a balance sheet

Winterschild Company’s Trial Balance at Dec. 31, 2010
Debit Credit
Cash $28,000
Accounts receivable 36,800
Notes receivable 10,000
Interest receivable 0
Merchandize Inventory 36,000
Prepaid insurance 3,800
Land 20,000
Buildings 150,000
Equipment 60,000
Patents 9,000
Allowances for doubtful accounts 500
Accumulated depreciation-Buildings 50,000
Accumulated depreciation-Equipment 24,000
Accounts payable 27,300
Salaries and wages payable 0
Unearned rent revenue 6,000
Notes payable(short-term) 11,000
Interest payable 0
Notes payable (Long-term) 35,000
Common stock 113,600
Retained earnings 20,000
Sales revenue 880,000
Cost of goods sold 630,000
Income Tax Expense 12,000
Other Operating Expenses 61800 0
Salaries Expense 110000 0
$1,167,400 $1,167,400.00

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