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. UNADJUSTED Account Titles Debit Credit Cash 32 Accounts receivable 29 Prepaid insurance 24 Machinery 91 Accumulated depreciation Accounts payable 25 Wages payable Income taxes payable Common stock (9,000 9 shares) Additional paid-in 71 capital Retained earnings 23 Revenues not detailed) 133 Expenses (not detailed) 39 Totals 238 238 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $12. b. Wages payable, $13. c. Depreciation expense for the current year, $15. d. Income tax expense, $8. Required: 1. Using the adjusted balances, prepare an income statement for the current year. 2. Using the adjusted balances, prepare statement of stockholders' equity for the current year. The balance in retained earnings represents dividends that were declared and paid in the current year. 3. Using the adjusted balances, prepare balance sheet for the current year. Complete this question by entering your answers in the tabs below. Required Required Required 2 3 Using the adjusted balances, prepare an income statement for the current year. (Enter your answers in thousands. Round "Earnings per share" to 2 decimal places.) GREEN VALLEY COMPANY Income Statement (in thousands of dollars) 0 $ 0 Earnings per share (Required 1 Required 2 > 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. UNADJUSTED Account Titles Debit Credit Cash 32 Accounts receivable 29 Prepaid insurance 24 Machinery 91 Accumulated depreciation Accounts payable 25 Wages payable Income taxes payable Common stock (9,000 shares) 9 Additional paid-in 71 capital Retained earnings 23 Revenues (not detailed) 133 Expenses (not detailed) 39 Totals 238 238 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $12. b. Wages payable, $13. c. Depreciation expense for the current year, $15. d. Income tax expense, $8. Required: 1. Using the adjusted balances, prepare an income statement for the current year. 2. Using the adjusted balances, prepare statement of stockholders' equity for the current year. The balance in retained earnings represents dividends that were declared and paid in the current year. 3. Using the adjusted balances, prepare balance sheet for the current year. Complete this question by entering your answers in the tabs below. Required Required Required 1 2 3 Using the adjusted balances, prepare statement of stockholders' equity for the current year. The balance in retained earnings represents dividends that were declared and paid in the current year. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) Show less GREEN VALLEY COMPANY Statement of Stockholders' Equity (in thousands of dollars) Additional Common Retained Paid-in Stock Earnings Capital Total Stockholder Equity Beginning balances Ending balances $ 0 $ 0 $ 0 $ 0 Required: 1. Using the adjusted balances, prepare an income statement for the current year. 2. Using the adjusted balances, prepare statement of stockholders' equity for the current year. The balance in retaine earnings represents dividends that were declared and paid in the current year. 3. Using the adjusted balances, prepare balance sheet for the current year. Complete this question by entering your answers in the tabs below. Required Required Required 1 2 3 Using the adjusted balances, prepare balance sheet for the current year. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) GREEN VALLEY COMPANY Balance Sheet (in thousands of dollars) Assets Current assets: Total current assets 0 0 0 $ Net machinery Total assets Liabilities and Stockholders' Equity Current liabilities: 0 Total current liabilities Stockholders' Equity 0 Total stockholders' equity Total liabilities and Stockholders' Equity $ 0
