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The adjusted trial balance of Seinfield Corporation at September 30, 20X6, follows. (Click the icon to view the adjusted trial balance.) Requirements 1. Prepare Seinfield
The adjusted trial balance of Seinfield Corporation at September 30, 20X6, follows. (Click the icon to view the adjusted trial balance.) Requirements 1. Prepare Seinfield Corporation's 20X6 income statement, statement of changes in equity, and balance sheet. List expenses (except for income tax) in decreasing order on the income statement and show total liabilities on the balance sheet. Requirement 1. Prepare Seinfield Corporation's 20x6 income statement, statement of changes in equity, and balance sheet. List expenses (except for income tax) in decreasing order on the income statement and show total liabilities on the balance sheet. Begin by preparing Seinfield's 20x6 income statement. Seinfield Corporation Income Statement Year Ended September 30, 20X6 Interest income Service revenue Expenses: Salary expense Rent expense Utilities expense Insurance expense Net income Income before tax Now, prepare the statement of changes in equity. Add: Less: Prepare the balance sheet by first completing the header and the rest of the statement. Assets Liabilities Shareholders' Equity Adjusted Trial Balance September 30, 20X6 Account Debit Credit Cash $ 2,200 Accounts receivable 9,500 2,600 Supplies Prepaid rent Equipment 1,300 38,800 Accumulated depreciation $ 4,400 Accounts payable 3,500 Interest payable 300 Unearned service revenue 900 Income tax payable 2,000 Note payable 19,800 Share capital 4,000 Retained earnings 5,200 Dividends 20,000 Service revenue 102,600 Depreciation expense 1,800 39,800 Salary expense Rent expense 10,400 Interest expense 3,400 Insurance expense 3,500 Supplies expense 2,900 6,500 Income tax expense $ 142,700||$ Total 142,700
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