This is the adjusted trial balance for the new start-up TriStar Corporation. Use this information to prepare TriStar's income statement, Statement of Retained Earnings and balance sheet for the year. Debit Credit No. Account title 101 Cash 109 Office Supplies 111 Equipment 112 Accumulated Depreciation Equipment 200 Accounts Payable 201 Wages Payable 300 Common Stock 301 Dividend 400 Entertainment Revenue 510 Rent Expense 511 Gas and Oil Expense 512 Wages Expense 513 Depreciation Expense-Equipment 514 Legal Expense Totals 158,000 25,000 80,000 25,000 26,800 3,000 105,000 12,500 11,400 446,700 44,000 33,000 12,000 129,700 228,000 446,700
This is the adjusted trial balance for the new start-up TriStar Corporation. Use this information to prepare TriStar's income statement, Statement of Retained Earnings and balance sheet for the year. Debit Credit No. Account title 101 Cash 109 Office Supplies 111 Equipment 112 Accumulated Depreciation Equipment 200 Accounts Payable 201 Wages Payable 300 Common Stock 301 Dividend 400 Entertainment Revenue 510 Rent Expense 511 Gas and Oil Expense 512 Wages Expense 513 Depreciation Expense-Equipment 514 Legal Expense Totals 158,000 25,000 80,000 25,000 26,800 3,000 105,000 12,500 11,400 446,700 44,000 33,000 12,000 129,700 228,000 446,700
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare TriStar's income statement, statement of
Transcribed Image Text:This is the adjusted trial balance for the new start-up TriStar Corporation.
Use this information to prepare TriStar's income statement, Statement of Retained Earnings
and balance sheet for the year.
Debit
Credit
No. Account title
101 Cash
109 Office Supplies
111 Equipment
112 Accumulated Depreciation Equipment
200 Accounts Payable
201 Wages Payable
300 Common Stock
301 Dividend
400 Entertainment Revenue
510 Rent Expense
511 Gas and Oil Expense
512 Wages Expense
513 Depreciation Expense-Equipment
514 Legal Expense
Totals
158,000
25,000
80,000
25,000
26,800
3,000
105,000
12,500
11,400
446,700
44,000
33,000
12,000
129,700
228,000
446,700
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Follow-up Question
According to the tables you provided:
1. What is the Net income at the end of the year?
2. What is the End
3. What is the Total Asset balance at the end of the year?
4. What is the Total Equity balance at the end of the year?
5. What is the Net Equipment balance at the end of the year?
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