Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The trial balance of the Company as of December 31, 2022 is presented below. Prepare an income statement, statement of retained earnings and a

image text in transcribedimage text in transcribed

The trial balance of the Company as of December 31, 2022 is presented below. Prepare an income statement, statement of retained earnings and a balance sheet for the year ended (date of), December 31, 2022. Every yellow cell requires either an account title or a formula. ALL FORMULAS FOR TOTALS MUST INCLUDE THE =SUM FUNCTION. Use the dropdown list to select the proper account titles. Company Trial Balance December 31, 2022 Debit Credit Cash $6,100 Accounts receivable 2,000 Inventory 11,500 Prepaid insurance 4,200 Equipment 27,800 Accounts payable $8,000 Unearned consulting revenue 4,800 Common stock 39,200 Dividends 2,000 Consulting revenue 7,600 Rental revenue Salaries expense 2,100 3,200 Rent expense 2,800 Insurance expense 2,100 Totals 34567890122122722822222222222222 1) Prepare the income statement for year ended December 31, 2022. 33 Revenues Company Company for the Income Statement For Year Ended December 31, 2022 Total revenues Expenses 40 41 Total expenses 42

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Managerial Accounting

Authors: Ray Garrison, Eric Noreen, Peter Brewer

16th edition

978-1259307416

Students also viewed these Accounting questions