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Tides Tea Company began operations on January 1, 2019 with an owner investment of $200,000 in exchange for Common Stock. During the year, a dividend

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Tides Tea Company began operations on January 1, 2019 with an owner investment of $200,000 in exchange for Common Stock. During the year, a dividend of $25,000 was declared and paid. After its first year of operations, Tides Tea had the following adjusted trial balance. Prepare (in good form) a single-step income statement, a statement of shareholders' equity, and a balance sheet. Tides Tea Company Adjusted Trial Balance Ar December 31, 2019 Account Debit Credit Cash $452.800 Accounts Receivable 118.000 Supplies 6.000 Prepaid Rent 4.500 Equipment 45.000 Accumulated Depreciation Equipment $3,000 Accounts Payable 6.200 Wages Payable 62.000 Interest Payable 2,600 Notes Payable 45.000 Common Stock 200.000 Dividends 25 000 518.000 Sales Revenue 120 000 Wage Expense Utilities Expense 12 200 Wage Expense Utilities Expense Rent Expense Supplies Expense Depreciation Expense-Equipment Interest Expense Totals 120,000 12.200 22.500 22.000 3.000 5,800 $836.800 $836.800

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