Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4. Given the adjusted trial balance below, prepare (in good form) an income statement, statement of retained earnings, and balance sheet. The name of the

4. Given the adjusted trial balance below, prepare (in good form) an income statement, statement of retained earnings, and balance sheet. The name of the business is Palo Verde Landscaping Services and the accounting period coincides with the calendar year. (Use the following blank pages)

Palo Verde Landscaping Services

Adjusted Trial Balance

December 31, 20x5

Cash

$ 795

Accounts Receivable

1,800

Supplies

30

Prepaid Insurance

30

Office Equipment

3,000

Accumulated DepreciationOffice Equipment

$ 450

Accounts Payable

1,800

Salaries Payable

105

Common Stock

1,000

Retained Earnings

1,100

Service Revenue

3,300

Salaries Expense

1,680

Supplies Expense

120

Insurance Expense

150

Depreciation ExpenseOffice Equipment

150

______

$7,755

$7,755

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Tools for business decision making

Authors: kimmel, weygandt, kieso

4th Edition

978-0470117262, 9780470534786, 470117265, 470534788, 978-0470095461

More Books

Students also viewed these Accounting questions

Question

4. What means will you use to achieve these values?

Answered: 1 week ago

Question

3. What values would you say are your core values?

Answered: 1 week ago