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The trial balance of Lantern Marketing Services has the following account balances at the company's year- end, October 31, 2024. The accounts are listed
The trial balance of Lantern Marketing Services has the following account balances at the company's year- end, October 31, 2024. The accounts are listed below in random order. All accounts have a normal balance. Accounts payable $4,403 Interest expense 2,445 Accounts receivable 6,010 Notes payable 48,850 Advertising expense 14,970 Prepaid rent 975 Cash 4,930 Rent expense 11,700 Equipment 25,970 Salaries expense 20,545 Furniture 56,685 Service revenue 114,047 A. Lantern, capital 57,410 Supplies 1,240 A. Lantern, drawings 75,775 Supplies expense 5,000 Insurance expense 2,020 Unearned revenue 3,555 Instructions a. Prepare an income statement for the year ended October 31, 2024. (12 marks) b. Prepare a statement of owner's equity for the year ended October 31, 2024. (10 marks) c. Prepare a balance sheet at October 31, 2024. (18 marks) Remember our formatting friends: comas, underlines, columns, $ sign, no +/- or pennies!
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