Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Beautiful Beaches, Ltd. Adjusted Trial Balance As of 6/30/2021 Account: Cash A/R DEBIT: CREDIT: $ 177,241 $ 66,441 Supplies $ 7,920 Prepaid Rent Building $
Beautiful Beaches, Ltd. Adjusted Trial Balance As of 6/30/2021 Account: Cash A/R DEBIT: CREDIT: $ 177,241 $ 66,441 Supplies $ 7,920 Prepaid Rent Building $ 12,000 $ 100,000 Accumulated Depreciation-Building $ 15,000 A/P Wages Payable Interest Payable Deferred Revenue Notes Payable $ 61,478 $ 6,300 $ 600 $ 27,111 $ 50,000 Common Stock $ 15,000 Retained Earnings $ 101,370 Service Revenue $ 322,053 Supplies Expense $ 13,055 Interest Expense $ 600 Rent Expense $ 6,000 Wages Expense $ 210,500 Depreciation Expense Dividends $ 5,000 $ 155 $ 598,912 $ 598,912 Using the adjusted trial balance given above, prepare the following financial statements: (1pt) Income statement for the period ended June 30, 2021. (1pt) Statement of Shareholders' Equity for the period ended June 30, 2021. Assume no additional stock was issued during the period and $155 in dividends (as given in the adjusted TB) were paid in cash during the period. (2pts) Classified balance sheet as of June 30, 2021
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started