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Preparation of financial statements Using the Adjusted Trial Balance shown below, prepare the company's: (a) Income Statement (b) Statement of Retained Earnings (c) Balance Sheet
Preparation of financial statements Using the Adjusted Trial Balance shown below, prepare the company's: (a) Income Statement (b) Statement of Retained Earnings (c) Balance Sheet by completing the tables provided on the following pages. All Star Repair Shop Adjusted Trial Balance Dec. 31, 2019 Debit Credit Cash $ 60,000 Supplies 2,000 Accounts Receivable 70,000 Equipment 30,000 Pre-paid Rent 30,000 Accumulated Depreciation on Equipment $ 10,000 Accounts Payable 20,000 Notes Payable 5,000 Unearned Revenue 30,000 Income Taxes Payable 20,000 Capital Stock 30,000 Retained Earnings (as of Jan 1, 2019) 35,000 Dividends 14,000 Repair Service Sales Revenue 130,000 Wages Expense 30,000 Rent Expense 10,000 Insurance Expense 6,000 Supplies Expense 4,000 Utilities Expense 3,000 1,000 Depreciation Expense Income Tax Expense 20.000 280.000 280.000 All Star Repair Shop Income Statement For the year ending Dec. 31, 2019 c) All Star Repair Shop Balance Sheet As of Dec 31, 2013 b.) All Star Repair Shop Statement of Retained For the year ending Dec 31, 2019
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