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4. Prepare the financial statements: Below is the adjusted trial balance for Whiplash, Ltd. as of December 31, 2019: Whiplash, Ltd. Adjusted Trial Balance As
4. Prepare the financial statements: Below is the adjusted trial balance for Whiplash, Ltd. as of December 31, 2019: Whiplash, Ltd. Adjusted Trial Balance As of 12/31/2019 Account: Cash A/R Prepaid Rent Equipment Accumulated Depreciation A/P Wages Payable Utilities Payable Interest Payable Deferred Revenue Notes Payable Common Stock Retained Earnings Service Revenue Interest Revenue Rent Expense Utilities Expense Wages Expense Depreciation Expense Dividends DEBIT: CREDIT: $ 15,920 $ 12,745 $ 20,000 $ 12,000 $ 3,500 $ 8,440 $ 5,420 $ 190 $ 200 $ 1,350 $ 24,000 $ 5,000 $ 9,155 $ 25,920 $ 900 $ 4,000 $ 760 $ 16,000 $ 2,200 $ 450 $ 84,075 $ 84,075 Using the adjusted trial balance, prepare the following financial statements: Income statement for the period ended December 31*, 2019. Statement of Shareholders' Equity for the period ended December 31st, 2019. Assume during 2019 no additional stock was issued and $450 in dividends were paid in cash. Classified balance sheet as of December 31st, 2019
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