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Return to question 11 6.66 points QS 3-19 (Algo) Preparing financial statements LO P5 The adjusted trial balance for Happ Company follows Adjunted Trial Balance December 31 Number Account Title Debit Credit 101 Cash $ 9, 100 106 Accounts receivable 39,767 153 Trucks 40,500 Accumulated depreciation- $ 154 Trucks 16,281 183 Land 30,000 201 Accounts payable 21,203 209 Salaries payable 4,850 233 Unearned revenue 4,250 307 Common stock 18,000 318 Retained earnings 52,027 319 Dividends 16,517 401 Plumbing revenue 65,000 611 Depreciation expense- Trucks 5,427 622 Salaries expense 30, 420 640 Rent expense 9.880 $ $ Totals 181,611 181,611 a. Use the adjusted trial balance to prepare the December 31 year-end Income statement. b. Use the adjusted trial balance to prepare the December 31 year-end statement of retained earings. The Retained earnings account balance was $52,027 on December 31 of the prior year. c. Use the adjust a trial balance to prepare the December 31 year-end balance sheet. Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required Required Use the adjusted trial balance to prepare the December 31 year-end income statement. HAPP COMPANY Income Statement For Year Ended December 31 Revenues Plumbing revenue $ 65,000 Expenses Salarios expense 30,420 8 Rent expense 9,8807 Depreciation expense- 5,427 Trucks Total expenses Net incomo 45,727 $ 19,273 Required Required B > Completion. 11 Return to question OS 3-19 (Algo) Preparing financial statements LO PS 6.66 points The adjusted trial balance for Happ Company follows. Adjusted Trial Balance December 31 Number Account Title Debit Credit 101 Cash $ 9,100 106 Accounts receivable 39,767 153 Trucks 40,500 154 Accumulated depreciation- $ Trucks 16,281 183 Land 30,000 201 Accounts payable 21,203 209 Salaries payable 4,850 233 Unearned revenue 4,250 307 Common stock 18,000 318 Retained earnings 52,027 319 Dividends 16,517 401 Plumbing revenue 65,000 611 Depreciation expense- Trucks 5,427 622 Salaries expense 30, 420 640 Rent expense 9,880 $ Totals 181.611 181,611 181,611 a. Use the adjusted trial balance to prepare the December 31 year-end income statement. b. Use the adjusted trial balance to prepare the December 31 year-end statement of retained earnings. The Retained earnings account balance was $52,027 on December 31 of the prior year. c. Use the adjusted trial balance to prepare the December 31 year-end balance sheet Answer is not complete. Complete this question by entering your answers in the tabs below. Required Requited Required Use the adjusted trial balance to prepare the December 31 year-end statement of retained earnings. The Retained earnings account balance was $52,027 on December 31 of the prior year Show less HAPP COMPANY Statement of Retained Earnings For Year Ended December 31 Retained earnings, December 31 $ 52,027 prior year Add: Not income 19,273 71,300 Less: Dividends 16,5177 Retained earnings, December 31 $ 54.785 current year 11 201 209 233 307 318 319 401 6.66 points Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Plumbing revenue Depreciation expense- Trucks Salaries expense Rent expense Totals 21,203 4,850 4,250 18,000 52,027 16,517 65,000 5,427 30, 420 9,880 $ s 181,611 181,611 611 622 640 a. Use the adjusted trial balance to prepare the December 31 year-end income statement. b. Use the adjusted trial balance to prepare the December 31 year-end statement of retained earni Retained earnings account balance was $52,027 on December 31 of the prior year. c. Use the adjusted trial balance to prepare the December 31 year-end balance sheet Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required Required A Use the adjusted trial balance to prepare the December 31 year-end balance sheet. (Amounts to be deducted should be indicated with a minus sign.) HAPP COMPANY Balance Sheet December 31 Assets Cash 9.100 Accounts receivable 39,76% Trucks 40.500 Land 30,000 Accumulated depreciation- Trucks Total assets Llabilities Accounts payable Salarios payablo (16.281 103,086 $ SSS 21,203 4,850 Total abilities S 26.053 Equity Common stock Retained earnings 18,000 54.783 >>>S Total equity Total Habilities and equity 72,783 98,836