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Adjusted Trial Balance Debit Credit Cash $ 54,650 Accounts receivable 28,750 Prepaid insurance Land 8,000 22,000 Accounts payable Salaries payable $ 14,300 4,250 Common stock 50,000 Retained earnings 38,900 Dividends 36,000 Service revenue 257,350 Insurance expense 32,000 Salaries expense Miscellaneous expense 126,500 56,900 364,800 364,800

Adjusted Trial Balance Debit Credit Cash $ 54,650 Accounts receivable 28,750 Prepaid insurance Land 8,000 22,000 Accounts payable Salaries payable $ 14,300 4,250 Common stock 50,000 Retained earnings 38,900 Dividends 36,000 Service revenue 257,350 Insurance expense 32,000 Salaries expense Miscellaneous expense 126,500 56,900 364,800 364,800

FINANCIAL ACCOUNTING
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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From the above Company Z adjusted trial balance, prepare simple financial statements, as follows:

A. Income Statement

B. Statement of Owner’s Equity

C. Balance Sheet (simple—unclassified)

Adjusted Trial Balance Debit Credit Cash $ 54,650 Accounts receivable 28,750 Prepaid insurance Land 8,000 22,000 Accounts payable Salaries payable $ 14,300 4,250 Common stock 50,000 Retained earnings 38,900 Dividends 36,000 Service revenue 257,350 Insurance expense 32,000 Salaries expense Miscellaneous expense 126,500 56,900 364,800 364,800
Transcribed Image Text:Adjusted Trial Balance Debit Credit Cash $ 54,650 Accounts receivable 28,750 Prepaid insurance Land 8,000 22,000 Accounts payable Salaries payable $ 14,300 4,250 Common stock 50,000 Retained earnings 38,900 Dividends 36,000 Service revenue 257,350 Insurance expense 32,000 Salaries expense Miscellaneous expense 126,500 56,900 364,800 364,800
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