Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Use the following Company R adjusted trial balance to prepare the following : A. Prepare income statement B. Prepare a retained earnings statement C. Prepare
Use the following Company R adjusted trial balance to prepare the following :
eBook Use the following Company R adjusted trial balance to prepare the following: Adjusted Trial Balance Debit Credit Cash $46,000 Accounts Receivable 13,900 Prepaid Insurance 6,400 Land 16,000 Accounts Payable $14,900 Salaries Payable 4,500 Common Stock 31,000 Retained Earnings 10,200 Dividends 14,000 Service Revenue 90,100 Insurance Expense 7,600 Salaries Expense 32,000 Miscellaneous Expense 14,800 $ 50,7001 $150,700 A. Prepare an income statement. Company R C. Prepare a balance sheet (simple-unclassified). Company R Balance Sheet December 31, 2019 Assets Cash 46,000 Accounts Receivable 13,900 Prepaid Insurance 6,400 Land 16,000 Total Assets 82,300 X X 4. Income Summary X X > Service Revenue X Service Rev E. Prepare a post-closing trial balance. If an amount box does not require an entry fie Company R Post-Closing Trial Balance December 31, 2019 Debit Credit X X X X X X X X X X X X 2x X X X X x x x X X XX X A. Prepare income statement
B. Prepare a retained earnings statement
C. Prepare a balance sheet (simple-unclassified)
D. Prepare closing journal entries. If an amount box does not requiere an entry field, leave it blank.
E. Prepare a post- closing trial balance.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started