18. LO 4.5 From the following Company Y adjusted trial balance, prepare simple financial statements, as follows: A. Income Statement B. Retained Earnings Statement C. Balance Sheet Adjusted Trial Balance Debit Credit $ 32,000 17,300 6,400 Cash Accounts receivable Prepaid insurance Land 10,000 Accounts payable Salaries payable $ 10,900 6,000 Common stock Retained earnings 31,000 4,200 Dividends 8,000 Service revenue 74,000 Insurance expense 5,600 Salaries expense Miscellaneous expense 24,000 22,800 126,100 126,100

18. LO 4.5 From the following Company Y adjusted trial balance, prepare simple financial statements, as follows: A. Income Statement B. Retained Earnings Statement C. Balance Sheet Adjusted Trial Balance Debit Credit $ 32,000 17,300 6,400 Cash Accounts receivable Prepaid insurance Land 10,000 Accounts payable Salaries payable $ 10,900 6,000 Common stock Retained earnings 31,000 4,200 Dividends 8,000 Service revenue 74,000 Insurance expense 5,600 Salaries expense Miscellaneous expense 24,000 22,800 126,100 126,100

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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