From the following Company A adjusted trial balance, prepare simple financial statements, as follows:Income StatementRetained Earnings StatementBalance Sheet **Adjusted Trial Balance**| **Account** | **Debit** | **Credit** ||----------------------------|-----------|------------|| Cash | $42,000 | || Accounts Receivable | 11,300 | || Prepaid Insurance | 14,800 | || Accounts Payable | | $10,900 || Salaries Payable | | 14,000 || Common Stock | | 25,000 || Service Revenue | | 61,000 || Administrative Expenses | 42,800 | || **Total** | **110,900** | **110,900** |**Explanation:**This table represents an Adjusted Trial Balance, listing all account balances following adjustments at the end of an accounting period. Each account has a designated debit or credit balance. The total of debits equals the total of credits, indicating that the entries are balanced and the ledger is accurate.

Name: From the following Company A adjusted trial balance, prepare simple fi
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Description: From the following Company A adjusted trial balance, prepare simple financial statements, as follows:Income StatementRetained Earnings StatementBalance Sheet **Adjusted Trial Balance**| **Account** | **Debit** | **Credit** ||----------

Income statement: It tells about the Net income / loss for the particular period. All the revenues…

Business

Accounting

Adjusted Trial Balance Debit Credit $ 42,000 11,300 14,800 Cash Accounts receivable Prepaid insurance Accounts payable Salaries payable Common stock $ 10,900 14,000 25,000 61,000 Service revenue Administrative expenses 42,800 110,900 110,900

Adjusted Trial Balance Debit Credit $ 42,000 11,300 14,800 Cash Accounts receivable Prepaid insurance Accounts payable Salaries payable Common stock $ 10,900 14,000 25,000 61,000 Service revenue Administrative expenses 42,800 110,900 110,900

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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Noor started her business on June 1, 2020. Noor Trial Balance August 31, 2020 SL Particulars Debit Credit 1 Cash 55,600 2 Supplies 16,300 3 Prepaid Insurance 16,000 4 Land 22,000 5 Cottages 5,000 Furniture 26,000 7 Account Payable 16,500 8 Unearned Rent 10,400 Mortgage Payable 10,000 10 Сapital 70,000 11 Drawing 5,000 12 Rent Revenue 57,000 13 Repair Expense 3,600 14 Salaries Expense 5,000 15 Utility Expense 9,400 ТОTAL 163,900 163,900 Other information: (1) End of August 31 the balance of prepaid insurance is Tk. 1600 (2) Supplies used during the period Tk. 800 (3) Furniture has 6 years life with no salvage value and cost is Tk 26000 [formula: Depreciation = (cost - salvage value) / lifetime] (4) Balance of unearned revenue is 700 at the end of August 31.