Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribedimage text in transcribed

image text in transcribed

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 Debit Credit 20 13 8 85 11 Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (4,000 shares) Additional paid-in capital Retained earnings Revenues not detailed) Expenses (not detailed) Totals 4 67 82 32 164 164 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $6. b. Wages payable, $4. c. Depreciation expense for the current year, $9. d. Income tax expense, $7. 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 1 Required 2 Required 3 Using the adjusted balances, prepare an income statement for the current year. GREEN VALLEY COMPANY Income Statement (in thousands of dollars) 0 $ 0 Earnings per share 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 1 Required 2 Required 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.) GREEN VALLEY COMPANY Statement of Stockholders' Equity (in thousands of dollars) Common Additional Paid-in Stock Capital Retained Earnings Total Stockholders' Equity Beginning balances Ending balances $ 0 $ 0 $ 0 $ 0 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Economics In Minutes 200 Key Concepts Explained In An Instant

Authors: Niall Kishtainy

1st Edition

1782066470, 9781782066477

More Books

Students also viewed these Accounting questions

Question

If X has distribution function F(t) = 0, t Answered: 1 week ago

Answered: 1 week ago