Use the adjusted trial balance below for the year ended December 31 2019 to complete the income statement, statement of stock holders equity and balance sheet. ### Acme Consulting, Inc. Financial OverviewBelow is a snapshot of the financial transactions for Acme Consulting, Inc., detailing various debits and credits associated with the company's financial activities.| Account | Debit | Credit ||--------------------------------|--------|---------|| Cash | 32,000 | || Accounts Receivable | 24,000 | || Supplies | 25,600 | || Tractor | 48,000 | || Accum. Depreciation | | 12,000 || Copyright | 64,000 | || Accounts Payable | | 1,600 || Wages Payable | | 960 || Bonds Payable | | 57,600 || Discount on Bonds Payable | 6,400 | || Common Stock | | 35,000 || PIC in Excess of Par - CS | | 5,000 || Retained Earnings | | 9,000 || Cash Dividends | 2,560 | || Sales | | 163,640 || Cost of Goods Sold | 48,000 | || Wages Expense | 32,000 | || Supplies Expense | 1,600 | || Utility Expense | 640 | |### Financial Totals- **Total Debits**: 284,800- **Total Credits**: 284,800#### Key Concepts:1. **Debits and Credits**: These are the two fundamental aspects of every financial transaction in double-entry bookkeeping. - **Debit**: An entry on the left side of the ledger, representing assets or expenses. - **Credit**: An entry on the right side of the ledger, representing liabilities, equity, or income.2. **Balance**: Note that the total debits equal the total credits, maintaining the accounting equation balance: **Assets = Liabilities + Equity**.3. **Depreciation**: Accumulated depreciation shows the total depreciation of a company’s assets over time, reducing the value of the asset.4. **Common Stock and Retained Earnings**: These indicate the ownership equity in the company and the accumulated profits retained for reinvestment

The financial statements of the business include the income statement and balance sheet. The…

Debit Credit Cash 32,000 Accounts Receivable 24,000 Supplies 25,600 Tractor 48,000 Accum. Depreciation 12,000 Copyright 64,000 Accounts Payable 1,600 Wages Payable 960 Bonds Payable 57,600 Discount on Bonds Payable 6,400 Common Stock 35,000 PIC in Excess of Par - CS 5,000 Retained Earnings 9,000 Cash Dividends 2,560 Sales 163,640 Cost of Goods Sold 48,000 Wages Expense 32,000 Supplies Expense 1,600 Utility Expense 640 Total 284,800 284.800

Debit Credit Cash 32,000 Accounts Receivable 24,000 Supplies 25,600 Tractor 48,000 Accum. Depreciation 12,000 Copyright 64,000 Accounts Payable 1,600 Wages Payable 960 Bonds Payable 57,600 Discount on Bonds Payable 6,400 Common Stock 35,000 PIC in Excess of Par - CS 5,000 Retained Earnings 9,000 Cash Dividends 2,560 Sales 163,640 Cost of Goods Sold 48,000 Wages Expense 32,000 Supplies Expense 1,600 Utility Expense 640 Total 284,800 284.800

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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