From the following Company B adjusted trial balance, prepare simple financial statements, as follows:Income StatementRetained Earnings StatementBalance Sheet Adjusted Trial BalanceDebitCredit$ 77,80019,5007,650CashAccounts receivableSuppliesAccounts payableTaxes payable$ 8,5005,35035,00095,300Common stockFees earned revenueOperating expense39,200144,150144,150

Solution:- 1)Preparation of Income Statement as follows under:- Income statement is the one of the…

Answered: From the following Company B adjusted…

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 following Company B adjusted trial balance, prepare simple financial statements, as follows:

Income Statement
Retained Earnings Statement
Balance Sheet

Adjusted Trial Balance
Debit
Credit
$ 77,800
19,500
7,650
Cash
Accounts receivable
Supplies
Accounts payable
Taxes payable
$ 8,500
5,350
35,000
95,300
Common stock
Fees earned revenue
Operating expense
39,200
144,150
144,150

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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