The adjusted trial balance of Lorenz Company at the end of its fiscal year is

(a) Prepare an income statement and an owner's equity statement for not make any capital investments during the year.
(b) Prepare a classified balance sheet at July 3

Transcribed Image Text:

LORENZ COMPANY Adjusted Trial Balance July 31, 2017 Account Titles Debit 101 Cash 112 157 167 Accumulated Depreciation-Equipment 201 Accounts Payable $ 14,940 8,780 15,900 Accounts Receivable S 5,400 4,220 1,800 45,200 Unearned Rent Revenue 301 J. D. Lornz, Capital 306 J. D. Lorenz, Drawing 14,000 65,100 6,500 429 711 720 732 Rent Revenue Depreciation Expense Salaries and Wages Expense Utilities Expense 4,000 55,700 14,900 128,220 $128,220