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qUESTIONS ATTACHED IN THE SCREENSHOT THANK YOU FOR THE HELP GREATLY APPRECIATED 1T41H2R

qUESTIONS ATTACHED IN THE SCREENSHOT THANK YOU FOR THE HELP GREATLY APPRECIATED 1T41H2R

FINANCIAL ACCOUNTING
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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qUESTIONS ATTACHED IN THE SCREENSHOT

THANK YOU FOR THE HELP

GREATLY APPRECIATED

1T41H2R

HREHERHE

The adjusted trial balance for the year of Peterson Corporation at July 31, 2021, follows. (Click the icon to view the adjusted trial balance.) Read the requirements. Now prepare the statement of retained earnings. (Include a subtotal after the "Add" line of the statement. Check your spelling carefully and do not abbreviate.) Peterson Corporation Statement of Retained Earnings Year Ended July 31, 2021 Retained earnings, July 31, 2020 Add: Subtotal Less: Retained earnings, July 31, 2021 Prepare the balance sheet. (If an input field is not used in the balance sheet leave the field empty, do not select a label or enter a zero. Do not classify the balance sheet into current and long-term sections. Check your spelling carefully and do not abbreviate. Use only the account names provided in the adjusted trial balance.) Less: Assets Peterson Corporation Balance Sheet July 31, 2021 Total liabilities Liabilities Stockholders' Equity Total stockholders' equity
Transcribed Image Text:The adjusted trial balance for the year of Peterson Corporation at July 31, 2021, follows. (Click the icon to view the adjusted trial balance.) Read the requirements. Now prepare the statement of retained earnings. (Include a subtotal after the "Add" line of the statement. Check your spelling carefully and do not abbreviate.) Peterson Corporation Statement of Retained Earnings Year Ended July 31, 2021 Retained earnings, July 31, 2020 Add: Subtotal Less: Retained earnings, July 31, 2021 Prepare the balance sheet. (If an input field is not used in the balance sheet leave the field empty, do not select a label or enter a zero. Do not classify the balance sheet into current and long-term sections. Check your spelling carefully and do not abbreviate. Use only the account names provided in the adjusted trial balance.) Less: Assets Peterson Corporation Balance Sheet July 31, 2021 Total liabilities Liabilities Stockholders' Equity Total stockholders' equity
Peterson Corporation Adjusted Trial Balance July 31, 2021 Account Cash Accounts receivable Supplies Prepaid rent Equipment Accumulated depreciation equipment Accounts payable Interest payable Unearned service revenue Income tax payable Note payable Common stock Retained earnings Dividends Service revenue Depreciation expense equipment D $ Debit 12,400 19,100 2,400 1,700 37,000 10,000 1,300 $ Credit 5,000 8,800 1,050 900 2,200 18,500 19,000 2,500 93,950 Prepaid rent Equipment Accumulated depreciation equipment Accounts payable Interest payable Unearned service revenue Income tax payable Note payable Common stock Retained earnings Dividends Service revenue Depreciation expense-equipment Salary expense Rent expense Interest expense Insurance expense Supplies expense Income tax expense Total $ 1,700 37,000 10,000 $ 1,300 40,000 11,000 3,400 4,000 2,300 7,300 151,900 $ 5,000 8,800 1,050 900 2,200 18,500 19,000 2,500 93,950 151,900
Transcribed Image Text:Peterson Corporation Adjusted Trial Balance July 31, 2021 Account Cash Accounts receivable Supplies Prepaid rent Equipment Accumulated depreciation equipment Accounts payable Interest payable Unearned service revenue Income tax payable Note payable Common stock Retained earnings Dividends Service revenue Depreciation expense equipment D $ Debit 12,400 19,100 2,400 1,700 37,000 10,000 1,300 $ Credit 5,000 8,800 1,050 900 2,200 18,500 19,000 2,500 93,950 Prepaid rent Equipment Accumulated depreciation equipment Accounts payable Interest payable Unearned service revenue Income tax payable Note payable Common stock Retained earnings Dividends Service revenue Depreciation expense-equipment Salary expense Rent expense Interest expense Insurance expense Supplies expense Income tax expense Total $ 1,700 37,000 10,000 $ 1,300 40,000 11,000 3,400 4,000 2,300 7,300 151,900 $ 5,000 8,800 1,050 900 2,200 18,500 19,000 2,500 93,950 151,900
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