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Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case,
Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. Cash Account Titles Accounts receivable Prepaid insurance Machinery. Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (3,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals UNADJUSTED Debit Credit 11 8 3 70 3 50 55 18 112 112 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $2. b. Wages payable, $2. c. Depreciation expense for the current year, $4. d. Income tax expense, $5. GREEN VALLEY COMPANY Income Statement (in thousands of dollars) 0 $ 0 Earnings per share Beginning balances GREEN VALLEY COMPANY Statement of Stockholders' Equity (in thousands of dollars) Ending balances $ Common Stock Additional Paid-in Capital Retained Earnings Total Stockholder' Equity $ 0 0 $ < Required 1 Required 3 > Balance Sheet Assets Current assets: (in thousands of dollars) + Total current assets Net machinery Total assets Liabilities and stockholders' equity Current liabilities: Total current liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity 0 0 $ 0 0
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