Question
The adjusted trial balance of Summer Rentals Limited as of December 31, 2022 is shown below: Summer Rentals Limited Adjusted Trial Balance December 31, 2022
The adjusted trial balance of Summer Rentals Limited as of December 31, 2022 is shown below:
Summer Rentals Limited Adjusted Trial Balance December 31, 2022 | ||
Cash | $5,820 |
|
Accounts Receivable | 20,745 |
|
Prepaid Rent | 675 |
|
Equipment | 37,845 |
|
Accumulated Amortization |
| $11,120 |
Accounts Payable |
| 6,800 |
Interest payable |
| 1,065 |
Salary Payable |
| 465 |
Income tax payable |
| 4,400 |
Unearned service revenue |
| 2,260 |
Note payable |
| 18,100 |
Capital Stock |
| 6,000 |
Retained earnings |
| 10,190 |
Dividends | 24,000 |
|
Sales |
| 93,835 |
Selling, General and Administrative Expenses | 31,120 |
|
Depreciation expense | 5,650 |
|
Salary Expense | 15,880 |
|
Rent expense | 6,000 |
|
Interest expense | 2,100 |
|
Income tax expense | 4,400 |
|
Total | $154,235 | $154,235 |
Required:
Prepare Summer Rentals Limiteds Income Statement, Statement of Retained Earnings and Balance Sheet.
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