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Problem B Algo Prepare financial statements from an adjusted trial balance LO
Lilac Designs provides consulting services related to home decoration. Lilac Designs provides customers with recommendations for a full range of home dcor including window treatments, carpet and wood flooring, paint colors, furniture, and much more. Below is the yearend adjusted trial balance of Lilac Designs.
LILAC DESIGNS
Adjusted Trial Balance
December
Accounts Debits Credits
Cash $
Accounts Receivable
Supplies
Prepaid Rent
Buildings
Accumulated Depreciation $
Accounts Payable
Salaries Payable
Utilities Payable
Notes Payable due in four years
Common Stock
Retained Earnings
Service Revenues
Salaries Expense
Rent Expense
Depreciation Expense
Supplies Expense
Advertising Expense
Utilities Expense
Interest Expense
Totals $ $
Required:
Prepare an income statement for the year ended December
Prepare the statement of stockholders equity, note that during the year the company issued additional common stock of $ This amount is included in the amount for Common Stock in the adjusted trial balance.
Prepare the classified balance sheet for the year ended December
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