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From the adjusted trial balance provided, properly prepare the following annual statements: 1) Income Statement, 2) Statement of Equity, and 3) classified Balance Sheet. *The
From the adjusted trial balance provided, properly prepare the following annual statements: 1) Income Statement, 2) Statement of Equity, and 3) classified Balance Sheet.
*The adjusted trial balance capital amount would include both the beginning balance and any new owner contribution for the period. To break out owners capital for the Statement of Equity, assume that beginning owners capital was $40,000!
*The adjusted trial balance capital amount would include both the beginning balance and any new owner contribution for the period. To break out owner's capital for the Statement of Equity, assume that beginning owner's capital was $40,000! Credit Debit 13,500 48,900 19,600 6,000 55,200 $ 24,300 25,000 Brinney Irrigation System Adjusted Trial Balance December 31, 2018 Account Title Cash $ Accounts Receivable Office Supplies Prepaid Insurance Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Interest Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Brinney, Capital * Brinney, Withdrawals Service Revenue Insurance Expense Salaries Expense Supplies Expense Interest Expense Depreciation Expense-Equipment Depreciation Expense-Building Total $ 7,800 34,800 400 2,900 1,900 11,600 46,000 2,900 65,000 1,400 16,800 1,200 400 2,200 1,600 194,700 $ 194,700Step by Step Solution
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