Question
From the following Company Y adjusted trial balance, prepare simple financial statements, as follows: Adjusted Trial Balance Debit Credit Cash $32,000 Accounts Receivable 18,300 Prepaid
From the following Company Y adjusted trial balance, prepare simple financial statements, as follows:
| Adjusted Trial Balance | ||
| Debit | Credit | |
| Cash | $32,000 | |
| Accounts Receivable | 18,300 | |
| Prepaid Insurance | 6,400 | |
| Land | 10,000 | |
| Accounts Payable | $10,900 | |
| Salaries Payable | 8,000 | |
| Common Stock | 32,000 | |
| Retained Earnings | 5,200 | |
| Dividends | 8,000 | |
| Service Revenue | 71,000 | |
| Insurance Expense | 5,600 | |
| Salaries Expense | 24,000 | |
| Miscellaneous Expense | 22,800 | |
| $127,100 | $127,100 | |
A. Prepare an income statement for Company Y.
| Company Y | ||
| Income Statement | ||
| For the Year Ended December 31, 20XX | ||
| Revenues: | ||
| $fill in the blank 1d1ccb04705afa0_2 | ||
| Expenses: | ||
| $fill in the blank 1d1ccb04705afa0_4 | ||
| fill in the blank 1d1ccb04705afa0_6 | ||
| fill in the blank 1d1ccb04705afa0_8 | ||
| Total Expenses | fill in the blank 1d1ccb04705afa0_9 | |
| $fill in the blank 1d1ccb04705afa0_11 | ||
B. Prepare a statement of retained earnings for Company Y.
| Company Y | |
| Retained Earnings Statement | |
| For the Year Ended December 31, 20XX | |
| $fill in the blank 4ad85f013f9e068_2 | |
| fill in the blank 4ad85f013f9e068_4 | |
| fill in the blank 4ad85f013f9e068_6 | |
| $fill in the blank 4ad85f013f9e068_8 | |
C. Prepare a balance sheet for Company Y.
| Company Y | ||
| Balance Sheet | ||
| December 31, 20XX | ||
| Assets | ||
| $fill in the blank 0616c6fca034052_2 | ||
| fill in the blank 0616c6fca034052_4 | ||
| fill in the blank 0616c6fca034052_6 | ||
| fill in the blank 0616c6fca034052_8 | ||
| Total Assets | $fill in the blank 0616c6fca034052_9 | |
| Liabilities | ||
| $fill in the blank 0616c6fca034052_11 | ||
| fill in the blank 0616c6fca034052_13 | ||
| Total Liabilities | $fill in the blank 0616c6fca034052_14 | |
| Equity | ||
| $fill in the blank 0616c6fca034052_16 | ||
| fill in the blank 0616c6fca034052_18 | ||
| Total Equity | fill in the blank 0616c6fca034052_19 | |
| Total Liabilities and Equity | $fill in the blank 0616c6fca034052_20 | |
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College Algebra
Authors: Michael Sullivan, Michael Sullivan III
11th Edition
9780135226865
