Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

using the adjusted trail balance below prepare the income statement and statement of retained earnings and financial position please show work thank you for helping

using the adjusted trail balance below prepare the income statement and statement of retained earnings and financial position please show work thank you for helping me

image text in transcribed

(200,000.00) XYZ Co adjusted trail balance December 31,20x6 Accounts title debit cash $250,000.00 accounts receviable $680,000.00 Marketable Securities $60,000.00 prepaid insurance $35,000.00 prepaid rent $30,000.00 office equiment $620,000.00 accumulated depreciation equipment $ and $750,000.00 accounts payable $ Dividends payable $ nterest payable $ ncome tax payable $ unearned client service revenue $ notes payable (long term) $ ommon stock $ retained earnings $ dividends $75,000.00 client service revenue $ ravel expense $28,000.00 office supplies expense $20,000.00 dvertising expense $45,000.00 ialary expense $400,000.00 utility expense $40,000.00 depreciation expense:equipment $25,000.00 nterest expense $17,500.00 nsurance expense $52,000.00 ent expense $175,000.00 ncome tax expense $87,450.00 total $3,389,950.00 $ (306,000.00) (50,000.00) (8,750.00) (30,000.00) (180,000.00) (350,000.00) (750,000.00) || (315,200.00) (1,200,000.00) (3,389,950.00)

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

Financial And Managerial Accounting The Basis For Business Decisions

Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello

19th Edition

1260247937, 978-1260247930

More Books

Students also viewed these Accounting questions

Question

Describe effectiveness of reading at night?

Answered: 1 week ago

Question

find all matrices A (a) A = 13 (b) A + A = 213

Answered: 1 week ago