Financial statement preparation (Learning Objective 3) 15–20 min.

The adjusted trial balance of Credit Financier Co. appears below. Using the information from the adjusted trial balance, you are to prepare an income statement, a retained earnings statement, and a balance sheet for the month ending December 31.AppendixLO1

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Credit Financier Co. Adjusted Trial Balance December 31, 2014 ACCOUNT DEBIT CREDIT Cash $18,400 Accounts Receivable 5,200 Supplies 4,800 Equipment 18,500 Accumulated Depreciation-Equipment $ 7,000 Accounts Payable 6,000 Unearned Service Revenue 8,000 Common Stock 18,000 Retained Earnings 10,400 Dividends 6,500 Service Revenue 19,500 Supplies Expense 4,100 Depreciation Expense 6,500 Rent Expense 4,900 Total $68,900 $68,900