1. From the following Company Z adjusted trial balance, prepare simple financial statements, asfollows:A. Income StatementB. Retained Earnings StatementC. Balance SheetAdjusted Trial BalanceDebitCredit$ 54,65028,750CashAccounts receivable8,000Prepaid insurance22,000LandAccounts payableSalaries payableCommon stock$ 14,3004,25050,00038,900Retained earningsDividendsService revenue36,000257.350Insurance expenseSalaries expenseMiscellaneous expense32.000126,50056.900364,800364,800Dodak

Financial Statements: Financial Statements represent a formal record of the financial activities of…

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 $ 54,650 28,750 Cash Accounts receivable Prepaid insurance Land 8,000 22,000 Accounts payable Salaries payable Common stock Retained earnings Dividends $ 14,300 4,250 50,000 38,900 36,000 257 350 Service revenue Insurance expense Salaries expense Miscellaneous expense 32,000 126,500 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 $ 54,650 28,750 Cash Accounts receivable Prepaid insurance Land 8,000 22,000 Accounts payable Salaries payable Common stock Retained earnings Dividends $ 14,300 4,250 50,000 38,900 36,000 257 350 Service revenue Insurance expense Salaries expense Miscellaneous expense 32,000 126,500 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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