Q1. Preparethe financial statementsfrom the adjusted trial balance. 1.Prepare Galaxy Theaters income statementfor the year ended December 31, Accounts Payable400 Office Supplies1,800 Equipment20,900 3.Prepare Galaxy Theaters classified balance sheet atDecember 31, 2018. Notes Payable(long-term)3,100 Depreciation ExpenseEquipment2,200 Account TitleBalance Galaxy Theatersadjusted trial balance follows. Interest Payable500 Accumulated DepreciationEquipment$2,200 Dividends1,400 RentExpense3,900 InterestExpense2,300 2018. DebitCredit Total$36,150 $36,150 Cash$1.300 Common Stock16,150 SuppliesExpense850 31-Dec-18 Accounts Receivable1,500 Requirements: Service Revenue13,800 2.Prepare Galaxy Theaters statement of retainedearningsfor the year ended GALAXY THEATER December 31, 2018. Adjusted Trial Balance Assume the Notes Payable is due on December 1, 2025.Use thereport form.

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