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Company XYZ's Trial Balance as of December 31, 2023: Account Title Debit ($) Credit ($) Cash 50,000 Accounts Receivable 30,000 Inventory 40,000 Equipment 100,000 Accumulated

Company XYZ's Trial Balance as of December 31, 2023:

Account Title

Debit ($)

Credit ($)

Cash

50,000


Accounts Receivable

30,000


Inventory

40,000


Equipment

100,000


Accumulated Depreciation


20,000

Accounts Payable


35,000

Notes Payable


50,000

Common Stock


60,000

Retained Earnings


30,000

Service Revenue


80,000

Salaries Expense

25,000


Rent Expense

15,000


Utilities Expense

5,000


Insurance Expense

10,000


Dividends

20,000


Requirements:

  1. Prepare the adjusted trial balance for Company XYZ.
  2. Prepare the income statement for the year ended December 31, 2023.
  3. Prepare the statement of retained earnings for the year ended December 31, 2023.
  4. Prepare the balance sheet as of December 31, 2023.
  5. Identify any discrepancies and explain how they should be rectified.

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