Business
Fundamental Accounting Principles
The adjusted trial balance for Arun?s Animations is presented below.

The adjusted trial balance for Arun?s Animations is presented below. Instructions a. Prepare an income statement and

Question:

The adjusted trial balance for Arun?s Animations is presented below.

Instructions

a. Prepare an income statement and statement of owner?s equity for the year. Mr. Arun invested $5,000 cash in the business during the year.

b. Prepare a classified balance sheet at December 31, 2021.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...

Transcribed Image Text:

ARUN'S ANIMATIONS Adjusted Trial Balance December 31, 2021 Debit Credit Cash $ 3,600 Accounts receivable 4,500 Prepaid expenses Equipment Accumulated depreciation-equipment Accounts payable 2,500 48,000 $ 18,000 5,500 Unearned revenue 9,775 19,625 M. Arun, capital M. Arun, drawings Service revenue 18,000 64,800 Rent expense Salaries expense Supplies expense Depreciation expense 9,000 24,000 2,100 6,000 $117,700 $117,700

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a b Revenues Service revenue Expenses Rent expense ARUNS ANIMATIONS Income Statement Year E...View the full answer

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Accounting Principles Volume 1

ISBN: 978-1119502425

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Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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Question Posted: Feb 21, 2020 11:00 AM

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