1. From the following Company Z adjusted trial balance, prepare simple financial statements, asfollows:A. Income StatementB. Retained Earnings StatementC. Balance SheetAdjusted Trial BalanceDebitCreditCash$ 54,650Accounts receivable28,750Prepaid insurance8,000Land22,000$ 14,300Accounts payableSalaries payable4,250Common stock50,000Retained earnings38,900Dividends36,000Service revenue257,350Insurance expenseSalaries expenseMiscellaneous expense32,000126,50056,900364,800364,800

Income statement: It is one of the financial statements prepared by an organization. This statement…

1. From the following Company Z adjusted trial balance, prepare simple financial statements, as follows: A. Income Statement B. Retained Earnings Statement C. Balance Sheet Adjusted Trial Balance Debit Credit Cash $ 54,650 Accounts receivable Prepaid insurance Land 28,750 8,000 22,000 Accounts payable Salaries payable $ 14,300 4,250 Common stock 50,000 Retained earnings 38,900 Dividends 36,000 Service revenue 257,350 32,000 Insurance expense Salaries expense Miscellaneous expense 126,500 56,900 364,800 364,800

1. From the following Company Z adjusted trial balance, prepare simple financial statements, as follows: A. Income Statement B. Retained Earnings Statement C. Balance Sheet Adjusted Trial Balance Debit Credit Cash $ 54,650 Accounts receivable Prepaid insurance Land 28,750 8,000 22,000 Accounts payable Salaries payable $ 14,300 4,250 Common stock 50,000 Retained earnings 38,900 Dividends 36,000 Service revenue 257,350 32,000 Insurance expense Salaries expense Miscellaneous expense 126,500 56,900 364,800 364,800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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