Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following trial balance has been adjusted as of December 31, 20XX Debits Credits Cash $25,000 $- Accounts Receivable 6,000 - Supplies Inventory 4,500 -

The following trial balance has been adjusted as of December 31, 20XX Debits Credits Cash $25,000 $- Accounts Receivable 6,000 - Supplies Inventory 4,500 - Prepaid Rent 18,000 - Equipment 90,000 - Accumulated Depreciation - 2,500 Accounts Payable - 6,000 Utilities Payable - 4,000 Unearned Revenue - 1,500 Interest Payable - 150 Notes Payable - 24,000 Common Stock - 100,000 Service Revenue - 90,000 Wages Expense 35,000 - Supplies Expense 20,000 - Rent Expense 15,000 - Miscellaneous Expense 2,000 - Electricity Expense 2,400 - Telephone Expense 1,500 - Depreciation Expense 1,000 - Interest Expense 250 - Dividend 7,500 - Total $228,150 $228,150 Required: Points (1) Prepare an Income Statement 5 (2) Prepare a Statement of Retained Earnings 5 (3) Prepare a Balance Sheet 5

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Changing Academics Quality Audit And Its Perceived Impact

Authors: Ming Cheng

1st Edition

3639134273, 978-3639134278

More Books

Students also viewed these Accounting questions