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The following are the account balances for Kappa Solutions at December 31, 2031: Service Revenue: $95,000 Cost of Goods Sold: $50,000 Salaries Expense: $20,000 Rent
The following are the account balances for Kappa Solutions at December 31, 2031:
- Service Revenue: $95,000
- Cost of Goods Sold: $50,000
- Salaries Expense: $20,000
- Rent Expense: $12,000
- Utilities Expense: $3,000
- Depreciation Expense: $5,000
- Accounts Receivable: $9,000
- Accounts Payable: $4,500
- Cash: $20,000
- Equipment: $40,000
- Notes Payable: $15,000
- Common Stock: $25,000
Required:
- Prepare a Trial Balance as of December 31, 2031.
- Prepare an Income Statement for the year ended December 31, 2031.
- Prepare a Statement of Retained Earnings for the year ended December 31, 2031.
- Prepare a Balance Sheet as of December 31, 2031.
- Prepare a Statement of Cash Flows for the year ended December 31, 2031.
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