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Financial Statements Mackenzie, Inc. uses a perpetual inventory system and has prepared the following adjusted trial balance on December 31, 2013:

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Financial Statements

Mackenzie, Inc. uses a perpetual inventory system and has prepared the following adjusted trial balance on December 31, 2013:

DebitCredit
Cash$2,450
Accounts Receivable3,090
Allowance for Doubtful Accounts$100
Inventory7,360
Prepaid Insurance770
Land5,300
Buildings and Equipment33,100
Accumulated Depreciation14,700
Accounts Payable$2,570
Salaries Payable330
Unearned Rent350
Income Taxes Payable1,515
Note Payable (due July 1, 2017)4,250
Interest Payable (due July 1, 2017)770
Common Stock (1,700 shares)10,200
Retained Earnings, January 1, 201315,110
Dividends$1,360
Sales Revenue32,020
Sales Returns3,290
Rent Revenue1,490
Cost of Goods Sold16,570
Selling Expenses4,720
Administrative Expenses3,110
Interest Expense770
Income Tax Expense1,515
Totals$83,405$83,405

Required:

Hide1. Prepare in proper form for 2013 the company’s income statement. Round earnings per share computation to two decimal places.

 MACKENZIE INC.  Income Statement  For the Year Ended December 31, 2013    $          $        $               $        $            $          $     $   

Hide2. Prepare in proper form for 2013 the company’s statement of retained earnings.

 MACKENZIE INC.  Statement of Retained Earnings  For the Year Ended December 31, 2013    $       $          $   

Hide3. Prepare in proper form for 2013 the company’s balance sheet at December 31, 2013.

 MACKENZIE INC. Balance Sheet December 31, 2013 Assets Current Assets    $     $                      $        $     $            $     $  Liabilities Current Liabilities    $                    $        $          $     $  Shareholders’ Equity Contributed Capital    $               $   

Hide4. Prepare in proper form for 2013 the company’s closing entries in the general journal. For a compound transaction, if an amount box does not require an entry, leave it blank or enter “0”.


 Dec. 31                       Dec. 31                                                   Dec. 31            Dec. 31      
 
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