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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please answer all the three requirement with detailed woking , please provide answer in text form, without image
Transcribed Image Text:Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To
simplify 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
Beginning balances
UNADJUSTED
Net income
Dividends declared
Ending balances
Debit
20
13
8
85
Other 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.
6
32
164
$
Credit
Common
Stock
Required:
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.
4
11
GREEN VALLEY COMPANY
Statement of Stockholders' Equity
For the Current Year Ended December 31
4
67
(in thousands of dollars)
Additional
Paid-in
Capital
EA
82
164
4 $
67
67
Is
Retained
Earnings
$
t
24
24
Total
Stockholders'
Equity
$
0
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