Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The adjusted Trial balance of GaLochka Co as of December 31, 2018, is presented below. GaLochka Co Adjusted Trial Balance December 31, 2018 Cash 37,944

The adjusted Trial balance of GaLochka Co as of December 31, 2018, is presented below.

GaLochka Co

Adjusted Trial Balance

December 31, 2018

Cash

37,944

Accounts Receivable

13,840

Prepaid Rent

4,560

Equipment

36,100

Accumulated Depreciation Equipment

9,790

Notes Payable

11,400

Accounts Payable

8,944

Interest Payable

166

Share Capital Ordinary

40,000

Retained Earnings

22,620

Dividends

6,000

Service Revenue

25,180

Salaries and Wages Expense

13,680

Rent Expense

5,520

Depreciation Expense

290

Interest Expense

166

TOTAL

118,100

118,100

Instructions:

1. Prepare income statement

2. Prepare a retained earnings statement

3. Prepare a classified balance sheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

12th edition

1119132223, 978-1-119-0944, 1118875052, 978-1119132226, 978-1118875056

Students also viewed these Accounting questions