Prepare TriStar's income statement, statement of Retained Earnings, and balance sheet for the year. 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 Earningsand balance sheet for the year.DebitCreditNo. Account title101 Cash109 Office Supplies111 Equipment112 Accumulated Depreciation Equipment200 Accounts Payable201 Wages Payable300 Common Stock301 Dividend400 Entertainment Revenue510 Rent Expense511 Gas and Oil Expense512 Wages Expense513 Depreciation Expense-Equipment514 Legal ExpenseTotals158,00025,00080,00025,00026,8003,000105,00012,50011,400446,70044,00033,00012,000129,700228,000446,700

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Description: Prepare TriStar's income statement, statement of Retained Earnings, and balance sheet for the year. This is the adjusted trial balance for the new start-up TriStar Corporation.Use this information to prepare TriStar's income statement, Statement of R

The financial statements are prepared by the business entity to show the performance of the…

Answered: This is the adjusted trial balance for…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter1: Accounting As A Form Of Communication

Section: Chapter Questions

Problem 1.10E: Net Income (or Loss) and Retained Earnings The following information is available from the records...

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Prepare TriStar's income statement, statement of Retained Earnings, and balance sheet for the year.

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

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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According to the tables you provided:

1. What is the Net income at the end of the year?

2. What is the End Retained Earnings balance at the end of the year?

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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