reen Valley Company prepared the following trial balance at the end of its first year of operations ending December 31.1 mplify the case, the amounts given are in thousands of dollars. Account Titles Cash Accounts receivable. Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable. Income taxes payable Common stock (4,000 shares) Additional paid-in capital Retained earnings. Revenues (not detailed) Expenses (not detailed) Totals. UNADJUSTED Debit 20 13 8 85 6 32 164 her data not yet recorded at December 31 include a. Insurance expired during the current year, $6. b. Wages payable, $4. c. Depreciation expense for the current year, $9. d. Income tax expense, $7. Credit 11 4 67 82 164 4 R equired: 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.

reen Valley Company prepared the following trial balance at the end of its first year of operations ending December 31.1 mplify the case, the amounts given are in thousands of dollars. Account Titles Cash Accounts receivable. Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable. Income taxes payable Common stock (4,000 shares) Additional paid-in capital Retained earnings. Revenues (not detailed) Expenses (not detailed) Totals. UNADJUSTED Debit 20 13 8 85 6 32 164 her data not yet recorded at December 31 include a. Insurance expired during the current year, $6. b. Wages payable, $4. c. Depreciation expense for the current year, $9. d. Income tax expense, $7. Credit 11 4 67 82 164 4 R equired: 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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