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Problem 2 (15 Marks) The following is an adjusted trial balance for Gibble Ltd. From this prepare in good form the Statement of Financial
Problem 2 (15 Marks) The following is an adjusted trial balance for Gibble Ltd. From this prepare in good form the Statement of Financial Position and the Income Statement. GIBBLE LTD. Adjusted Trial Balance December 31, 2018 Cash Accounts receivable Supplies Prepaid rent Equipment $4,100 5,650 750 575 42,500 Accounts payable Accumulated depreciation-equipment Unearned revenue $9,200 1,500 650 Salaries payable 1,250 Bank loan payable Retained earnings 16,900 3,785 Common shares 7,500 Dividends declared 500 Service revenue 40,250 Office expense 1,485 Salaries expense 12,750 Depreciation expense 4,800 Rent expense 3,000 Income tax expense 4.925 $81,035 $81.035
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