LO $4\mathrm{.}5$ From the following Company A adjusted trial balance, prepare simple financial statements, as follows:

A$.$ Income Statement

B$.$ Retsined Earning: Statement

C$.$ Balance Sheet

$\backslash$table$[[$Adjusted Trial Balance$],[$Account Title,Debit,Credit$],[$Cash$,542,000,],[$Accounts receivable,$11,300,],[$Prepaid insurance,$14,800,],[$Accounts payable,,$],[$Salaries payable,,$],[$Common stock,,$14,000],[$Service revenue,,$25,000],[$Administrative expenses,$42,800,],[$Totals$,110,900,110,900]]$

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OpenStax Principles of Accounting Volume $1$: Finchicial Accowring

Chapter $4$: The Adjustment Proces$3$

Solution

A$.$

$\backslash$table$[[\backslash$table$[[$Company A$],[$Income Statement$]]],[$For the Year Ended December $31,2019],[\backslash$table$[[$Revenues:$],[$Service Revenue$]]],[$Expenses:$],[$Administrative Expenses$],[$Net Income$]]$

B

Company A

c$.$