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Can someone please help me prepare this entry for me, I am stuck on stupid right now.. thanking you in advance! Green Lawns, Inc., performs
Can someone please help me prepare this entry for me, I am stuck on stupid right now.. thanking you in advance!
Green Lawns, Inc., performs adjusting entries every month, but closes its accounts only at year- end. The following is the company's year-end adjusted trial balance dated December 31, current LO5-1, LO5-2, LO5-6 EXERCISE 5.2 year. Financial Statement Preparation Supplemental Topic, "The Worksheet." GREEN LAWNS, INC. ADJUSTED TRIAL BALANCE DECEMBER 31, CURRENT YEAR Cash $218,640 Accounts receivable Supplies Equipment Accumulated depreciation: equipment Accounts payable.. Income taxes payable 10,800 720 28,800 $12,000 3,600 8,400 Capital stock 60,000 Retained earnings 108,000 Dividends 4,800 Lawn care revenue earned 230,400 Salary expense Supply expense. Advertising expense.. Depreciation expense: equipment 124,800 2,880 720 2,400 Income taxes expense 27,840 $ 422.400 $422,400 Prepare an income statement and statement of retained earnings for the year ended December 31, current year. Also prepare the company's balance sheet dated December 31, current year. Does the company appear to be liquid? Defend your answer. Has the company been profitable in the past? Explain. a. bStep by Step Solution
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