Preparing the financial statements.The adjusted trial balance of Burl Advertising Services is presented below.BURL ADVERTISING SERVICESAdjusted Trial BalanceDecember 31, 2016 BalanceAccount TitleDebitCreditCash$14,100 Accounts Receivable14,200 Office Supplies6,200 Furniture19,200 Accumulated Depreciation-Furniture$14,400Building51,500 Accumulated Depreciation-Building35,700Land18,300 Accounts Payable 10,200Salaries Payable 7,400Unearned Revenue 17,500Common Stock 32,000Retained Earnings 37,000Dividends20,100 Service Revenue 40,100Salaries Expense28,000 Supplies Expense8,600 Depreciation Expense - Furniture500 Depreciation Expense - Building2,600 Advertising Expense11,000 Total$194,300$194,300 RequirementsPrepare the income statement for the year ending December 31, 2016.Prepare the statement of retained earnings for the year ending December 31, 2016.3. Prepare the classified balance sheet as of December 31, 2016. Use the report form.

Income statement For the year ended 31st Dec, 2016 Particular Details (in $) Amount (in $)…

Answered: Preparing the financial statements. The…

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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Preparing the financial statements.

The adjusted trial balance of Burl Advertising Services is presented below.

BURL ADVERTISING SERVICES
Adjusted Trial Balance
December 31, 2016
	Balance
Account Title	Debit	Credit
Cash	$14,100
Accounts Receivable	14,200
Office Supplies	6,200
Furniture	19,200
Accumulated Depreciation-Furniture	$14,400
Building	51,500
Accumulated Depreciation-Building	35,700
Land	18,300
Accounts Payable		10,200
Salaries Payable		7,400
Unearned Revenue		17,500
Common Stock		32,000
Retained Earnings		37,000
Dividends	20,100
Service Revenue		40,100
Salaries Expense	28,000
Supplies Expense	8,600
Depreciation Expense - Furniture	500
Depreciation Expense - Building	2,600
Advertising Expense	11,000
Total	$194,300	$194,300

Requirements

Prepare the income statement for the year ending December 31, 2016.
Prepare the statement of retained earnings for the year ending December 31, 2016.

3. Prepare the classified balance sheet as of December 31, 2016. Use the report form.

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