4-a. Using the adjusted balances, prepare a statement of earnings. (Enter yo share" to 2 decimal places.) 10 points eBook Print References CAYUGA LTD. Statement of Earnings For the Year Ended December 31 (In thousands of dollars, except for Earnings per Share) Revenues $ 114 Expenses Earnings before income tax Income tax expense Earnings per share 3. Complete the trial balance adjustments and adjusted columns. (For revenues and expenses e in the adjustment column. Enter your answers in thousands of dollars.) CAYUGA LTD. Trial Balance As at December 31 (In thousands of dollars) Unadjusted Adjustments Debit Credit Debit Credit $ 50 Adjusted Debit Credit 50 21 21 8 6 2 120 120 $ 12 6 $ 18 21 21 Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Contributed capital Retained earnings (deficit) Revenues (not detailed) Expenses (not detailed) Totals 8 8 21 21 102 102 6 6 114 114 44 41 85 $ 249 $ 249 41 41 $ 284 $ 284 E4-16 Recording Four Adjusting Entries, Completing a Trial Balance, Preparin and Recording Closing Entries L04-1, 4-2, 4-4 Cayuga Ltd. prepared the following trial balance at the end of its first year of operations ended Dece amounts given are in thousands of dollars. Other data not yet recorded at December 31 are as follow Unadjusted Debit Credit $ 50 21 8 120 $ 12 21 Account Titles Cash Accounts receivable Prepaid insurance Machinery (20-year life, no residual value) Accumulated depreciation Accounts payable Wages payable Income taxes payable Contributed capital (6,000 shares) Retained earnings (deficit) Revenues not detailed) Expenses (not detailed) Totals 102 6 114 44 $249 $ 249 a. Insurance expired during the year. $6. b. Depreciation expense for the year, $6. c. Wages payable, $8. d. Income tax expense, $21. CAYUGA LTD. Statement of Financial Position As at December 31 (In thousands of dollars) Assets ces Total assets 0 0 $ $ Liabilities Total liabilities Shareholders' Equity 0 Total liabilities and shareholders' equity $ 0 4-6. Using the adjusted balances, prepare a statement of changes in equity. (Enter your answers in th answers should be indicated by minus sign.) CAYUGA LTD. Statement of Retained Earnings For the Year Ended December 31 (in thorend: of dollars) Balance, January 1 Balance, December 31 0