Denjar Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplifythe case, the amounts given are in thousands of dollars.CashAccount TitlesAccounts receivablePrepaid insuranceMachineryAccumulated depreciationAccounts payableWages payableIncome taxes payableUNADJUSTEDDebitCredit1305210726Common stock (7,000 shares)7Additional paid-in capital52Retained earnings4Revenues (not detailed)59Expenses (not detailed)20Totals124124Other data not yet recorded at December 31 includea. Insurance expired during the current year, $2.b. Wages payable, $4.c. Depreciation expense for the current year, $6.d. Income tax expense, $7.Required:1. Using the adjusted balances, prepare an income statement for the current year.2. Using the adjusted balances, prepare statement of stockholders' equity for the current year. The balance in retained earningsrepresents dividends that were declared and paid in the current year.3. Using the adjusted balances, prepare balance sheet for the current year.

Name: Denjar Green Valley Company prepared the following trial balance at th
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Description: Denjar Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplifythe case, the amounts given are in thousands of dollars.CashAccount TitlesAccounts receivablePrepaid insuranceM

The financial statement includes the preparation of income statement, balance sheet, statement of…

Business

Accounting

Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. Cash Account Titles Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (7,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals UNADJUSTED Debit 13 Credit 10 5 72 6 7 52 4 59 20 124 124 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $2. b. Wages payable, $4. c. Depreciation expense for the current year, $6. d. Income tax expense, $7. Required: 1. Using the adjusted balances, prepare an income statement for the current year. 2. Using the adjusted balances, prepare statement of stockholders' equity for the current year. The balance in retained earnings represents dividends that were declared and paid in the current year. 3. Using the adjusted balances, prepare balance sheet for the current year.

Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. Cash Account Titles Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (7,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals UNADJUSTED Debit 13 Credit 10 5 72 6 7 52 4 59 20 124 124 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $2. b. Wages payable, $4. c. Depreciation expense for the current year, $6. d. Income tax expense, $7. Required: 1. Using the adjusted balances, prepare an income statement for the current year. 2. Using the adjusted balances, prepare statement of stockholders' equity for the current year. The balance in retained earnings represents dividends that were declared and paid in the current year. 3. Using the adjusted balances, prepare balance sheet for the current year.

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Denjar

Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify
the case, the amounts given are in thousands of dollars.
Cash
Account Titles
Accounts receivable
Prepaid insurance
Machinery
Accumulated depreciation
Accounts payable
Wages payable
Income taxes payable
UNADJUSTED
Debit
Credit
13
052
10
72
6
Common stock (7,000 shares)
7
Additional paid-in capital
52
Retained earnings
4
Revenues (not detailed)
59
Expenses (not detailed)
20
Totals
124
124
Other data not yet recorded at December 31 include
a. Insurance expired during the current year, $2.
b. Wages payable, $4.
c. Depreciation expense for the current year, $6.
d. Income tax expense, $7.
Required:
1. Using the adjusted balances, prepare an income statement for the current year.
2. Using the adjusted balances, prepare statement of stockholders' equity for the current year. The balance in retained earnings
represents dividends that were declared and paid in the current year.
3. Using the adjusted balances, prepare balance sheet for the current year.

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