E3-11 Name:

1. Enter the appropriate amounts in the green-shaded cells.

An asterisk (*) will appear before an incorrect amount in the answer cells.
WHITAKER CONSULTING COMPANY
Worksheet
For the Year Ended December 31, 2019

Trial Balance Adjustments Income Statement Retained Earnings

Account Titles Debit Credit Debit Credit Debit Credit Debit Credit
Cash 3,800
Prepaid Rent 2,400
Office Equipment 7,000
Accumulated Depreciation 1,400
Note Payable (due 7/1/20) 2,000
Common Stock (200 shares) 4,000
Retained Earnings (1/1/19) 3,200
Dividends 200
Consulting Revenues 6,100
Salaries Expense 2,500
Miscellaneous Expenses 800
Totals 16,700 16,700

Rent Expense
Depreciation Expense
Interest Expense
Interest Payable

Income Tax Expense

Income Taxes Payable

Net Income

Retained Earnings (12/31/19)

2. Enter the appropriate amounts in the green-shaded cells in columns D and F.

An asterisk (*) will appear before an incorrect amount in the answer cells.
WHITAKER CONSULTING COMPANY
Income Statement
For the Year Ended December 31, 2019
Consulting Revenues
Operating Expenses:
Salaries Expenses
Rent Expense
Depreciation Expense
Miscellaneous Expenses
Total Operating Expenses
Income from Operations
Other Item:
Interest Expense
Income Before Income Taxes
Income Tax Expense
Net Income

Earnings Per Share (200 shares)

WHITAKER CONSULTING COMPANY

Statement of Retained Earnings
For the Year Ended December 31, 2019
Retained Earnings, January 1, 2019
Add: Net Income for 2019

Less: Dividends for 2019

Retained Earnings, December 31, 2019

WHITAKER CONSULTING COMPANY

Balance Sheet
December 31, 2019
Assets
Current Assets:
Cash
Prepaid Rent
Total Current Assets
Property, Plant, and Equipment:
Office Equipment
 Less: Accumulated Depreciation
Total Property, Plant, and Equipment
Total Assets

Liabilities
Current Liabilities:
Note Payable
Interest Payable
Income Taxes Payable
Total Liabilities

Shareholders' Equity
Contributed Capital:
Common Stock (200 shares)
Retained Earnings
Total Shareholders' Equity
Total Liabilities and Shareholders' Equity
 Balance Sheet
Debit Credit