Prepare an income statement, owners equity statement, and a balance sheet The adjusted trial balance for Wildhorsa Company is shavn belovWILDHORSE COMPANYTrial BalanceAugust 31, 2020BeforeAfterAdjustmentAdjustmentDr.Cr.Dr.Cr.CashS 10,300$ 10.300Accounts Receivable8,6009800Supplies2.400600Prepaid Insurance3,7002.700Equipment12,30012.300Accumulatad Depraciation-Equipment$3,700$ 4.500Accounts Payable5.9005.900Salaries and Wages Payable1,400Unearned Rant Revenue1,300600Ovner's Capital1370013,700Service Ravenue33,90035,100Rent Ravenue10,90011.600Salaries and Wagas Expense17,10018,500Supplies Expense1800Rent Expense15,00015,000Insurance Expansa1,000Dapreciation Expense800$69,400$69,400$72.800$72.800Prepare the income statament for the year.WILDHORSE COMPANYIncome Statement Prepare the ownar's aquity statamant for the year.WILDHORSE COMPANYOwner's Equity StatementList of AccountsPrepara the balance shest at August 31 List Assets in onder of iqidityWILDHORSE COMPANYBalance SheetAssetsLiabilities and Owner's EquityLlat of Accounts

Income statement is the statement which shows all incomes and expenses of the business for the…

Answered: Prepare an income statement, owners…

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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Prepare an income statement, owners equity statement, and a balance sheet

The adjusted trial balance for Wildhorsa Company is shavn belov
WILDHORSE COMPANY
Trial Balance
August 31, 2020
Before
After
Adjustment
Adjustment
Dr.
Cr.
Dr.
Cr.
Cash
S 10,300
$ 10.300
Accounts Receivable
8,600
9800
Supplies
2.400
600
Prepaid Insurance
3,700
2.700
Equipment
12,300
12.300
Accumulatad Depraciation-Equipment
$3,700
$ 4.500
Accounts Payable
5.900
5.900
Salaries and Wages Payable
1,400
Unearned Rant Revenue
1,300
600
Ovner's Capital
13700
13,700
Service Ravenue
33,900
35,100
Rent Ravenue
10,900
11.600
Salaries and Wagas Expense
17,100
18,500
Supplies Expense
1800
Rent Expense
15,000
15,000
Insurance Expansa
1,000
Dapreciation Expense
800
$69,400
$69,400
$72.800
$72.800
Prepare the income statament for the year.
WILDHORSE COMPANY
Income Statement

Prepare the ownar's aquity statamant for the year.
WILDHORSE COMPANY
Owner's Equity Statement
List of Accounts
Prepara the balance shest at August 31 List Assets in onder of iqidity
WILDHORSE COMPANY
Balance Sheet
Assets
Liabilities and Owner's Equity
Llat of Accounts

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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