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Need Income Statement, Statement of Changes in Stockholders Equity, Balance Sheet, Statement of Cash Flows, and Post-Closing Trial Balance. The trial balance of Pacilio Security
Need Income Statement, Statement of Changes in Stockholders Equity, Balance Sheet, Statement of Cash Flows, and Post-Closing Trial Balance.
The trial balance of Pacilio Security Services, Inc. as of January 1, Year 3, had the following normal balances: During Year 3, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 2. 2. Paid the balance of $2,000 on the debt owed to the Small Business Government Agency. The loan is interest-free. 3. Performed $32,000 of security services for numerous local events during the year; $21,000 was on account and $11,000 was for cash. 4. On May 1, paid $3,000 for 12 months' rent in advance. 5. Purchased supplies on account for $700. 6. Paid salaries expense for the year of $9,000. 7. Incurred other operating expenses on account, $4,200. 8. On October 1, Year 3, a customer paid $1,200 for services to be provided over the next 12 months. 9. Collected $19,000 of accounts receivable during the year. 10. Paid $5,950 on accounts payable. 11. Paid $1,800 of advertising expenses for the year. 12. Paid a cash dividend to the shareholders of $4,650. 13. The market value of the land was determined to be $5,500 at December 31 , Year 3 . Adjustments 14. There was $120 of supplies on hand at the end of the year. 15. The prepaid rent at the beginning of the year expired on May 1 of this year. Recognized the expired rent for the total year. 16. Recognized the earned revenue from Year 2 and transaction no. 8. 17. Accrued salaries were $1,000 at December 31 , Year 3 Step by Step Solution
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