Exercise 3-18 a-c (Part Level Submission) (Video) The adjusted trial balance for Sheridan Company is shown below. SHERIDAN COMPANY Trial Balance August 31, 2020 Before Adjustment Dr. Cr. Dr. Cash $10,100 8,800 2,300 3,700 12,500 $ 3,800 5,900 0 Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Owner's Capital Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense After Adjustment Cr. $10,100 9,500 500 2,500 12,500 $ 4,600 5,900 1,500 700 14,100 34,500 11,500 18,700 1,800 15,200 1,200 800 $72,800 $72,800 1,400 14,100 33,800 10,800 17,200 0 15,200 0 0 $69,800 $69,800 SS Your answer is correct. Prepare the income statement for the year. SHERIDAN COMPANY Income Statement For the Year Ended August 31, 2020 Revenues Service Revenue 34,500 Rent Revenue 11,500 Total Revenues 46,000 Expenses Salaries and Wages Expense 18,700 Supplies Expense 1,800 Rent Expense 15,200 Insurance Expense 1,200 800 Depreciation Expense 37,700 Total Expenses 8,300 Net Income (Loss) (b) Your answer is correct. Prepare the owner's equity statement for the year. SHERIDAN COMPANY Owner's Equity Statement For the Year Ended August 31, 2020 Owner's Capital, September 1, 2019 14,100 Add 4 Net Income / (Loss) 8,300 Owner's Capital, August 31, 2020 22,400 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT VIDEO: SIMILA CALCULATOR STANDARD VIEW PRINTERV (c) Prepare the balance sheet at August 31. (List Assets in order of liquidity.) SHERIDAN COMPANY Balance Sheet Assets $ $ Liabilities and Owner's Equity Llabilities and Owner's Equity At