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 25 22 17 84 18 Account Titles Cash 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 3 54 16 111 32 196 196 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $13. b. Wages payable, $16. c. Depreciation expense for the current year, $18. d. Income tax expense, $10. Required 1 Required 2 Prepare the adjusting entries for the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.) No Transaction General Journal Debit Credit 1 a. 13 Insurance expense Prepaid insurance 13 2 2 b. 16 Wages expense Wages payable 16 3 C. 18 Depreciation expense Accumulated depreciation 18 4 d. 10 Income tax expense Income tax payable >> 10 Required 1 Required 2 Required 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 At December 31 (in thousands of dollars) Revenues (not detailed) Expenses Pretax income income tax expense Net income Earnings per share 0 $ 0 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 Stock Paid-in Capital Retained Earnings Total Stockholder Equity Beginning balances Ending balances $ 0 $ 0 $ 0 $ 0 Required 1 Required 2 Required 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 At December 31 (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 Required: 2. Using the adjusted balances, give the closing entry for the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands./ View transaction list Journal entry worksheet
