Garden Wizards Adjusted Trial Balance December 31, 2024 Debits Credits Cash Accounts receivable Prepaid insurance $33,360.00 $5,160.00 $10,440.00 Prepaid rent $3,840.00 Supplies $1,680.00 Trucks $168,000.00 Accumulated depreciation: trucks $90,000.00 Equipment $33,600.00 Accumulated depreciation: equipment $16,800.00 Accounts payable $2,640.00 Notes payable $45,600.00 Salaries payable Interest payable Income taxes payable $1,080.00 $360.00 $2,040.00 Unearned service revenue $2,400.00 Capital stock $21,600.00 Retained earnings $25,200.00 Dividends $3,960.00 Service revenue earned $232,800.00 Insurance expense $2,160.00 Office rent expense $33,600.00 Supplies expense $6,720.00 Salary expense $86,400.00 Depreciation expense: trucks $19,200.00 Drepeciation expense: equipment $4,800.00 Repair and maintenance expense $6,360.00 Fuel expense $2,640.00 Miscellaneous expense $3,240.00 Interest expense $4,560.00 Income taxes expense $10,800.00 $440,520.00 $440,520.00 Garden Wizards INCOME STATEMENT FOR THE YEAR ENDED December 31, 2024 Revenue: Service revenue earned Total revenue Expenses: Insurance expense Garden Wizards STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED December 31, 2024 Retained earnings, January 1, 2024 $25,200.00 $232,800.00 Add: Net income $52,320.00 $232,800.00 Subtotal $77,520.00 Less: Dividends $3,960.00 Retained earnings, December 31, 2024 $73,560.00 $2,160.00 Office rent expense $33,600.00 Supplies expense $6,720.00 Salary expense $86,400.00 Depreciation expense: trucks $19,200.00 Drepeciation expense: equipment $4,800.00 Repair and maintenance expense $6,360.00 Fuel expense $2,640.00 Miscellaneous expense $3,240.00 Interest expense Income before income taxes $4,560.00 $169,680.00 $63,120.00 Income taxes Net income $10,800.00 $52,320.00

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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Please help to prepare the company’s balance sheet dated December 31, current year​.

 

Garden Wizards
Adjusted Trial Balance
December 31, 2024
Debits
Credits
Cash
Accounts receivable
Prepaid insurance
$33,360.00
$5,160.00
$10,440.00
Prepaid rent
$3,840.00
Supplies
$1,680.00
Trucks
$168,000.00
Accumulated depreciation: trucks
$90,000.00
Equipment
$33,600.00
Accumulated depreciation: equipment
$16,800.00
Accounts payable
$2,640.00
Notes payable
$45,600.00
Salaries payable
Interest payable
Income taxes payable
$1,080.00
$360.00
$2,040.00
Unearned service revenue
$2,400.00
Capital stock
$21,600.00
Retained earnings
$25,200.00
Dividends
$3,960.00
Service revenue earned
$232,800.00
Insurance expense
$2,160.00
Office rent expense
$33,600.00
Supplies expense
$6,720.00
Salary expense
$86,400.00
Depreciation expense: trucks
$19,200.00
Drepeciation expense: equipment
$4,800.00
Repair and maintenance expense
$6,360.00
Fuel expense
$2,640.00
Miscellaneous expense
$3,240.00
Interest expense
$4,560.00
Income taxes expense
$10,800.00
$440,520.00 $440,520.00
Transcribed Image Text:Garden Wizards Adjusted Trial Balance December 31, 2024 Debits Credits Cash Accounts receivable Prepaid insurance $33,360.00 $5,160.00 $10,440.00 Prepaid rent $3,840.00 Supplies $1,680.00 Trucks $168,000.00 Accumulated depreciation: trucks $90,000.00 Equipment $33,600.00 Accumulated depreciation: equipment $16,800.00 Accounts payable $2,640.00 Notes payable $45,600.00 Salaries payable Interest payable Income taxes payable $1,080.00 $360.00 $2,040.00 Unearned service revenue $2,400.00 Capital stock $21,600.00 Retained earnings $25,200.00 Dividends $3,960.00 Service revenue earned $232,800.00 Insurance expense $2,160.00 Office rent expense $33,600.00 Supplies expense $6,720.00 Salary expense $86,400.00 Depreciation expense: trucks $19,200.00 Drepeciation expense: equipment $4,800.00 Repair and maintenance expense $6,360.00 Fuel expense $2,640.00 Miscellaneous expense $3,240.00 Interest expense $4,560.00 Income taxes expense $10,800.00 $440,520.00 $440,520.00
Garden Wizards
INCOME STATEMENT
FOR THE YEAR ENDED December 31, 2024
Revenue:
Service revenue earned
Total revenue
Expenses:
Insurance expense
Garden Wizards
STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED December 31, 2024
Retained earnings, January 1, 2024
$25,200.00
$232,800.00
Add: Net income
$52,320.00
$232,800.00
Subtotal
$77,520.00
Less: Dividends
$3,960.00
Retained earnings, December 31, 2024
$73,560.00
$2,160.00
Office rent expense
$33,600.00
Supplies expense
$6,720.00
Salary expense
$86,400.00
Depreciation expense: trucks
$19,200.00
Drepeciation expense: equipment
$4,800.00
Repair and maintenance expense
$6,360.00
Fuel expense
$2,640.00
Miscellaneous expense
$3,240.00
Interest expense
Income before income taxes
$4,560.00 $169,680.00
$63,120.00
Income taxes
Net income
$10,800.00
$52,320.00
Transcribed Image Text:Garden Wizards INCOME STATEMENT FOR THE YEAR ENDED December 31, 2024 Revenue: Service revenue earned Total revenue Expenses: Insurance expense Garden Wizards STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED December 31, 2024 Retained earnings, January 1, 2024 $25,200.00 $232,800.00 Add: Net income $52,320.00 $232,800.00 Subtotal $77,520.00 Less: Dividends $3,960.00 Retained earnings, December 31, 2024 $73,560.00 $2,160.00 Office rent expense $33,600.00 Supplies expense $6,720.00 Salary expense $86,400.00 Depreciation expense: trucks $19,200.00 Drepeciation expense: equipment $4,800.00 Repair and maintenance expense $6,360.00 Fuel expense $2,640.00 Miscellaneous expense $3,240.00 Interest expense Income before income taxes $4,560.00 $169,680.00 $63,120.00 Income taxes Net income $10,800.00 $52,320.00
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