E4-22

Prepare financial statements from adjusted trial balance.

The adjusted trial balance for Ryan Company is given below

Instructions

Prepare the income and retained earnings statements for the year and the classified balance sheet at August 31.

The trial balances shown below are before and after adjustment for Ryan Company at the end of its fiscal year.

RYAN COMPANY Trial Balance August 31, 2017
	Before Adjustment		After Adjustment
	Dr.	Cr.	Dr.	Cr.
Cash	$10,900		$10,900
Accounts Receivable	8,800		9,400
Supplies	2,500		500
Prepaid Insurance	4,000		2,500
Equipment	16,000		16,000
Accumulated DepreciationEquipment		$ 3,600		$ 4,800
Accounts Payable		5,800		5,800
Salaries and Wages Payable		0		1,100
Unearned Rent Revenue		1,800		800
Common Stock		10,000		10,000
Retained Earnings		5,500		5,500
Dividends	2,800		2,800
Service Revenue		34,000		34,600
Rent Revenue		12,100		13,100
Salaries and Wages Expense	17,000		18,100
Supplies Expense	0		2,000
Rent Expense	10,800		10,800
Insurance Expense	0		1,500
Depreciation Expense	0		1,200
	$72,800	$72,800	$75,700	$75,700