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?
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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
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?
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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