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Linda_us
Linda_us, Finance, Accounts & Homework Tutor
Category: Homework
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Experience:  Post Graduate Diploma in Management (MBA)
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After analyzing the data, prepare an income statement and a

Customer Question

After analyzing the data, prepare an income statement and a retained earnings statement for the year ending December 31, 2008. Mary Close is the bookkeeper for Mendez Company. Mary has been trying to get the balance sheet of Mendez Company to balance. Mendez’s balance sheet is shown on page 37. MENDEZ COMPANY Balance Sheet December 31, 2008 Assets Liabilities Cash $15,000 Accounts payable $20,000 Supplies 8,000 Accounts receivable (8,500) Equipment 46,000 Common stock 50,000 Dividends 10,000 Retained earnings 17,500 Total assets $79,000 Total liabilities and stockholders’ equity $79,000.
Submitted: 7 years ago.
Category: Homework
Expert:  Linda_us replied 7 years ago.

HiCustomer/p>

 

The question says "After analyzing the data, prepare an income statement and a retained earnings statement for the year ending December 31, 2008'

 

I think we need to prepare corrected Balance Sheet and not the income statement.

 

Let me know if you have any data related to income statement.

 

Regards

 

Linda

Expert:  Linda_us replied 7 years ago.
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