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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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