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Summary QuestionThe Bryant Corporation was started during 2019. Since then some of its accounting

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The Bryant Corporation was started during 2011QuestionThe Bryant Corporation was started during 2019. Since then some of its accounting information was lost and although some that data is missing, a comparative report of year-end account balances appears below. All numbers are as of December 31st u...

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  • October 6, 2024
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  • 2024/2025
  • Summary

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Question


The Bryant Corporation was started during 2019. Since then some of its

accounting information was lost and although some that data is missing, a

comparative report of year-end account balances appears below. All numbers

are as of December 31st unless noted otherwise. Required: a. Prepare an income

statement, statement of retained earnings and a balance sheet for each year and

determine the missing values. 2023 2022 Retained earnings, Jan. 1 47,940

33,200 Accounts receivable 5,800 4,600 Supplies 390 430 Utility expense 4,320

3,840 Revenues 214,900 186,900 Equipment 99,420 72,910 Cash 9,300 16,200

Notes payable ? 18,700 Common stock 32,000 32,000 Supplies expense 530

460 Dividends 3,400 2,500 Advertising expense 6,400 5,600 Rent expense

18,200 ? Inventory 18,500 ? Payroll expense 50,100 43,500 Retained earnings,

Dec. 31 ? 47,940 Cost of goods sold 112,680 98,060 Accounts payable 9,600

8,400




Answer & Explanation

, To solve this problem, we need to prepare the financial statements for Bryant

Corporation for the years 2022 and 2023. We'll start with the income statement,

then move on to the statement of retained earnings, and finally prepare the

balance sheet.


Income Statement


For Year Ended December 31, 2022:


1. Revenues: $186,900


2. Expenses:


o Cost of Goods Sold: $98,060


o Utility Expense: $3,840


o Supplies Expense: $460


o Advertising Expense: $5,600


o Rent Expense (unknown): Let's denote it as ( R ).


o Payroll Expense: $43,500


Total Expenses = ( 98,060 + 3,840 + 460 + 5,600 + R + 43,500 )

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