Oliver Nicholas, the owner of Nicholas Marketing Services, prepared the following trial balance at December 31, 2024.
Question:
Oliver Nicholas, the owner of Nicholas Marketing Services, prepared the following trial balance at December 31, 2024.
Instructions
a. Prepare an income statement for the year ended December 31.
b. Prepare a statement of owner’s equity for the year ended December 31.
c. Prepare a balance sheet at the end of December 2024.
Taking It Further
Discuss how well the company performed.
NICHOLAS MARKETING SERVICES Trial Balance December 31, 2024 Cash Accounts receivable Supplies Prepaid insurance Prepaid rent Equipment Unearned revenue Notes payable O. Nicholas, capital O. Nicholas, drawings Service revenue Interest expense Rent expense Salaries expense Telephone expense Debit $ 5,500 20,380 3,320 4,450 2,265 27,400 3,600 150 6,600 12,555 1,540 $87,760 Credit $2,500 15,000 34,460 35,800 $87,760
Step by Step Answer:
a b c Taking It Further Nicholas Marketing Services performed well ...View the full answer
Accounting Principles Volume 1
ISBN: 9781119786818
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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