sara s bakery had the following account balances at the end of 2011 supplies on hand 4373947

Sara’s Bakery had the following account balances at the end of 2011: Supplies on hand…………………………………. $ 4,000 Wages expense…………………………………… 42,000 Sales……………………………………………… 178,000 Cash……………………………………………… 24,000 Supplies used…………………………………….. 14,000 Accounts payable………………………………… 8,000 Rent expense……………………………………… 12,000 Share capital……………………………………… 90,000 Accounts receivable……………………………… 10,000 Cost of goods sold……………………………….. 101,000 Equipment………………………………………… 95,000 Accumulated depreciation………………………… 7,500 Depreciation expense……………………………… 2,500 Retained earnings…………………………………. 22,500 Dividends declared……………………………….. 2,000 Prepaid rent……………………………………….. 1,000 Wages payable……………………………………. 1,500 Required: a. Prepare a statement of earnings for the year ended December 31, 2011. b. In answering part “a,” you did not need to use all the accounts provided. For each item that you did not use, explain why you did not include it on the statement of earnings. View Solution:
Sara s Bakery had the following account balances at the end

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