Ledger Accounts, Adjusting Entries, Financial Statements, and closing Entries; Uptional End-of-Period Spreadsheet The unadjusted trial balance of Recessive Interiors at January 31, 2012, the end of the year, follows: Recessive Interiors Unadjusted Trial Balance January 31, 20Y2 Account Debit Credit Balances No. Balances Cash 13,100 Supplies Prepaid Insurance 8,000 7,500 113,000 Equipment Accumulated Depreciation- Equipment 12,000 90,000 27,100 Trucks Accumulated Depreciation-Trucks Accounts Payable Common Stock 4,500 30,000 96,400 Retained Earnings Dividends 3,000 Service Revenue 155,000 Wages Expense 72,000 Rent Expense 7,600 5,350 Truck Expense Miscellaneous Expense 5,450 325,000 325,000 The following additional accounts from Recessive Interiors' chart of accounts should be used: Wages Payable, 22; Depreciation Expense-Equipment, 54; Supplies Expense, 55; Depreciation Expense-Trucks, 56; Insurance Expense, 57 The data needed to determine year-end adjustments are as follows: a. Supplies on hand at January 31 are $2,850. b. Insurance premiums expired during the year are $3,150. c. Depreciation of equipment during the year is $5,250. d. Depreciation of trucks during the year is $4,000. e. Wages accrued but not paid at January 31 are $900. 5. Prepare an income statement. Recessive Interiors Income Statement For the Year Ended January 31, 20Y2 Service revenue $ 155,000 Expenses: Wages expense $ 72,900 Rent expense Truck expense 7,600 5,350 17,250 5,150 Depreciation expense-equipment x Supplies expense Depreciation expense-trucks 9,250 x Insurance expense 3,150 Miscellaneous expense 5,450 Total expenses 126,100 Net income $28,900 x Prepare a statement of stockholders' equity. During the year ended January 31, 2012, additional common stock of $7,500 was issued. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Recessive Interiors Statement of Stockholders' Equity For the Year Ended January 31, 20Y2 Common Retained Stock Earnings Total Balances, February 1, 20Y1 $ Net loss X Cash Dividends Prepare a balance sheet. Recessive Interiors Balance Sheet January 31, 20Y2 Assets Liabilities Current assets: Cash Current liabilities: Accounts payable $ $13,100 2,850 4,350 4,500 900 Supplies Prepaid insurance Wages payable Total liabilities $ 5,400 $ 20,300 Total current assets Property, plant, and equipment: Stockholders' Equity Common stock Retained earnings $ 113,000 17,250 $ 3,000 x 139,550 Accumulated depreciation-equipment Accounts payable X $ 95,750 Trucks $ 9,000 x 3,110 x Accounts payable X Retained earnings X Total property, plant, and equipment 169,550 58,900 % $174,950 Total stockholders' equity Total liabilities and stockholders' equity Total assets $ 174,950