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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text: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
$ 10,900
Accounts payable
Salaries payable
6,000
31,000
Common stock
Retained earnings
4,200
Dividends
8,000
Service revenue
74,000
Insurance expense
5,600
Salaries expense
24,000
22,800
Miscellaneous expense
126,100
126,100
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