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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, the

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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, the amounts given are in thousands of dollars. UNADJUSTED Account Thes Debit Credit Cash 11 Accounts receivable 8 Prepaid insurance 3 Machinery 70 Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (3,000 shares) Additional paid in capital 50 Retained earnings 2 Revenues (not detailed) 55 Expenses (not detailed) 18 Total 112 112 Other data not yet recorded at December 31 include: a. Insurance expired during the current year, $2. b. Wagos payable, $2. c. Depreciation expense for the current year, $4. d. Income tax expense, $5. Required: 1. Using the adjusted balances, prepare an income statement for the current year. (Enter your answers in thousands. Round "Earnings per share" to 2 decimal place GREEN VALLEY COMPANY Income Statement For the Year Ended December 31 (in thousands of dollars) $ Revenues not detailed) Expenses Pretax income Income tax expense Net income S $ Earnings per share 56 31 24 5 19 6.33 2. Using the adjusted balances, prepare statement of stockholders' equity for the current year. The balance in retained earings represents dividends that were declared and paid in the current year deducted should be indicated with a minus sign. Enter your answers in thousands.) GREEN VALLEY COMPANY Statement of Stockholders' Equity For the Year Ended December 31 in thousands of dollars) Common Additional Stock Paid In Capital Retained Earnings Total Stockholder Equity Beginning balances Stock issuance Net Income Dividends declared Ending balances $ $ OS os 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 Cash Accounts receivable Prepaid insurance $ 11 Total Current Assets Machinery Accumulated depreciation 22 70 (4) $ 88 Total assets GREEN VALLEY COMPANY Balance Sheet At December 31 (in thousands of dollars) Assets 11 Current Assets: Cash Accounts receivable Prepaid insurance 8 3 Total Current Assets Machinery Accumulated depreciation 22 70 $ 88 Total assets Liabilities and Stockholders' Equity Current Liabilities: Accounts payable Wages payable Income taxes payable 4 2 5 11 3 Total current liabilities Stockholders' Equity Common stock Additional paid-in capital Retained earnings 50 2 $ 66 Total liabilities and Stockholders' Equity

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