Practice Consulting account balances for the year ended December 31, 2021, follow: Practice Consulting Adjusted Trial Balance December 31, 2022 Account Title Cash Office supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages payable Unearned service revenue Capital Withdrawals Repair service revenue Wages expense Rent expense Depreciation expense Office supplies expense Utilities expense Insurance expense $ Debit 14,000 1,500 1,200 50,000 10,000 $ Credit 5,000 10,000 2,500 4,000 33,000 Required: Based on the adjusted account balances listed above, complete the following: a. Income Statement b. Statement of Owner's Equity (Note: all owner investements were made during 2022) C. Balance Sheet Remember: All adjustments have already been made. 106,400 60,000 12,000 5,000 3,600 2,400 1,200 $ 160,900 $ 160,900

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Practice Consulting account balances for the year ended December 31, 2021, follow:
Practice Consulting
Adjusted Trial Balance
December 31, 2022
Account Title
Cash
Office supplies
Prepaid insurance
Equipment
Accumulated depreciation-Equipment
Accounts payable
Wages payable
Unearned service revenue
Capital
Withdrawals
Repair service revenue
Wages expense
Rent expense
Depreciation expense
Office supplies expense
Utilities expense
Insurance expense
$
Debit
14,000
1,500
1,200
50,000
10,000
$
Credit
5,000
10,000
2,500
4,000
33,000
106,400
60,000
12,000
5,000
3,600
2,400
1,200
$ 160,900 $ 160,900
Required:
Based on the adjusted account balances listed above, complete the following:
a. Income Statement
b. Statement of Owner's Equity (Note: all owner investements were made during 2022)
C. Balance Sheet
Remember: All adjustments have already been made.
Transcribed Image Text:Practice Consulting account balances for the year ended December 31, 2021, follow: Practice Consulting Adjusted Trial Balance December 31, 2022 Account Title Cash Office supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages payable Unearned service revenue Capital Withdrawals Repair service revenue Wages expense Rent expense Depreciation expense Office supplies expense Utilities expense Insurance expense $ Debit 14,000 1,500 1,200 50,000 10,000 $ Credit 5,000 10,000 2,500 4,000 33,000 106,400 60,000 12,000 5,000 3,600 2,400 1,200 $ 160,900 $ 160,900 Required: Based on the adjusted account balances listed above, complete the following: a. Income Statement b. Statement of Owner's Equity (Note: all owner investements were made during 2022) C. Balance Sheet Remember: All adjustments have already been made.
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