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please help me with my wrong answers!!!! and steps on how to calculate it. Financial Statements and Closing Entries The adjusted trial balance shown below
please help me with my wrong answers!!!! and steps on how to calculate it.
Financial Statements and Closing Entries The adjusted trial balance shown below is for Fine Consulting Service as of December 31. Byran Fine made no capital contributions du FINE CONSULTING SERVICE Adjusted Trial Balance December 31 Debit Credit Cash $3,780 Accounts Receivable 4,578 Supplies 4,284 Prepaid Insurance 2.100 Equipment 8,960 Accum. Depr. - Equipment $1,512 Accounts Payable 1,183 Long-Term Notes Payable 9,800 Common Stock 2,800 Retained Earnings 7,287 Dividends 4,060 Service Fees Earned 81,760 Rent Expense 16,800 Salaries Expense 46,760 Supplies Expense 6,580 Insurance Expense 4,550 Depreciation Expense-Equipment 1,008 Interest Expense 882 Totals $104,342 $104,342 Required a. Prepare an income statement and a statement of stockholders' equity for the year, and a balance sheet as of December 31. b. Prepare closing entries directly to Retained Earnings in general journal form. Income Statement Statement of stockholdere Caits Blanco Shoot Journal ntrior Required a. Prepare an income statement and a statement of stockholders' equity for the year, and a balance sheet as of December 31. b. Prepare closing entries directly to Retained Earnings in general journal form. Income Statement Statement of Stockholders Equity Balance Sheet Journal Entries NOTE: Do not use negative signs with answers, unless otherwise noted (such as dividends, accumulated depreciation). FINE CONSULTING SERVICE Income Statement For Year Ended December 31 Revenue Service Fees Earned $ 81,760 Expenses Rent Expense Salaries Expense Supplies Expense Insurance Expense Depreciation Expense-Equipment Interest Expense Total Expenses 16,800 46,760 6,580 4,550 1,008 882 76,580 5,180 Net Income $ Income Statement Statement of Stockholders Equity Balance Sheet Journal Entries Total FINE CONSULTING SERVICE Statement of Stockholders' Equity For Year Ended December 31 Common Stock Retained Earnings Balance, January 1 $ 2,800 $ 7,287 Add: Net Income 0 5,180 Less: Dividends paid (enter as a negative) 0 (4,060) Balance, December 31 $ 2,800 $ 8,407 $ 10,087 5,180 (4,060) 11,207 $ Assets Cash Accounts Receivable FINE CONSULTING SERVICE Balance Sheet December 31 Liabilities $ 3,780 Accounts Payable $ 4,578 Long - Term Notes Payable 4,284 ~ Total Liabilities 2,100 8,960 Stockholders' Equity (1,512) 14,742 X Common Stock Retained Earnings Total Stockholders' Equity $ 21,070 % Total Liabilities and Stockholders' Equity $ 1,183 9,800 10,983 Supplies Prepaid Insurance Equipment Less:Accum. Depr. - Equipment(enter as a negative) 2,800 7,287 x 10,087 x 21,070 x Total Assets General Journal Date Description Dec 31 Service Fees Earned $ Debit Credit 81,760 $ 0 0 81,760 76,580 0 0 O 0 Retained Earnings To close the Revenue account. 31 Retained Earnings Rent Expense Salaries Expense Supplies Expense Insurance Expense Depreciation Expense-Equipment Interest Expense To close the expense accounts. 31 Retained Earnings - Dividends 16,800 46,760 6,580 4,550 1,008 0 0 0 882 7,287 x 0 0 4,060 ~ To close the dividends accountStep by Step Solution
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