The adjusted trial balance for Zahurak Company follows. Use the adjusted trial balance to prepare the December 31 year-end (a) income statement, (b) statement of owner’s equity, and (c) balance sheet. The E. Happ, Capital account balance was $65,500 on December 31 of the prior year. ABD1Adjustod Trial BalanceDecember 3123 No.4 101 Cash5 106 Accounts receivable6 153 Trucks7 154 Accumulated depreciation-Trucks8 183 Land9 201 Accounts payable10 209 Salaries payable11 233 Unearned fees12| 301| Е. Нарр, Саpital13 302 E. Happ, Withdrawals14 401 Plumbing fees earned15 611 Depreciation expense-Trucks16 622 Salaries expense17 640 Rent expenseAccount TitleDr.Cr.$ 7,00027,20042,000$ 17,50032,00015,0004,2003,60065,50015,40084,0006,50046,70013,000$189,80018Totals$189,800

Answered: A B D 1 Adjustod Trial Balance December…

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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The adjusted trial balance for Zahurak Company follows. Use the adjusted trial balance to prepare the December 31 year-end (a) income statement, (b) statement of owner’s equity, and (c) balance sheet. The E. Happ, Capital account balance was $65,500 on December 31 of the prior year.

A
B
D
1
Adjustod Trial Balance
December 31
2
3 No.
4 101 Cash
5 106 Accounts receivable
6 153 Trucks
7 154 Accumulated depreciation-Trucks
8 183 Land
9 201 Accounts payable
10 209 Salaries payable
11 233 Unearned fees
12| 301| Е. Нарр, Саpital
13 302 E. Happ, Withdrawals
14 401 Plumbing fees earned
15 611 Depreciation expense-Trucks
16 622 Salaries expense
17 640 Rent expense
Account Title
Dr.
Cr.
$ 7,000
27,200
42,000
$ 17,500
32,000
15,000
4,200
3,600
65,500
15,400
84,000
6,500
46,700
13,000
$189,800
18
Totals
$189,800

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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