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Question 3. Financial Statements. (64 points) You are provided with the following adjusted trial balance for Colombo Company, effective as of its August 31, 2022,
Question 3. Financial Statements. (64 points) You are provided with the following adjusted trial balance for Colombo Company, effective as of its August 31, 2022, year-end. Colombo Company Adjusted Trial Balance August 31, 2022 Credit Debit $10,390 9,680 1,150 3,220 16,000 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings, September 1, 2021 Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense Totals $4,800 5,790 1,260 1,120 5,000 13,060 2,660 33,980 14,900 17,280 1,370 15,740 1,220 1,200 $79,910 $79,910 Using the formats on the following 2 pages: (a) Prepare an income statement for Colombo Company for the year ended August 31, 2022. (b) Prepare a retained earnings statement for Colombo Company for the year ended August 31, 2022. (c) Prepare a classified balance sheet for Colombo Company as of August 31, 2022. (List Current Assets in order of liquidity.)
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