solve within 30 minutes Strong Knot IncTrial BalanceDecember 31,2018DrCr.Cash..27,800Accounts ReceivablesSuppliesTrucks .Accumulated Depreciation :trucksIncome tax expenseCapital stockIncome tax outstanding.EquipmentAccumulated Depreciation : EquipmentAccounts payablePrepaid Rent .Notes payableInterest payableRetained earning.4,300.1,400.140,000.75,0009,000.18,000.1,70028,000.14,000.2,200.3,200.38,000.30021,000Dividends3,300Service Revenue earned.194,000Insurance expenseOffice rent expensePrepaid InsuranceSupplies expenseSalary expense.Depreciation expense : trucksSalaries outstanding .Unearned service revenue.1,80028,000..8,7005,600.72,00016,000.900.2,000Depreciation expense : equipmentRepair and maintenance expenseFuel expense..Miscellaneous expenseInterest expense.40005,3002,200.2,700..3,800You are required to prepare an income statement for the year ended December 31, 2018 and alsoprepare the balance sheet dated December 31, 2018.

Income statement is prepared to show the revenues and expenses and the resulting profit/loss during…

Strong Knot Inc Trial Balance December 31,2018 Dr Cr. Cash .27,800 Accounts Receivables Supplies Trucks . 4,300 1,400 .140,000 Accumulated Depreciation :trucks Income tax expense Capital stock .. Income tax outstanding. Equipment Accumulated Depreciation : Equipment Accounts payable . Prepaid Rent . Notes payable Interest payable Retained eaming ..75,000 9,000 .18,000 „1,700 28,000 14,000 2,200 3,200 38,000 .300 21,000 Dividends 3,300 Service Revenue earned Insurance expense Office rent expense Prepaid Insurance Supplies expense Salary expense Depreciation expense : trucks Salaries outstanding . Unearned service revenue .194,000 1,800 28,000 8,700 5,600 .72,000 16,000 .900 .2,000 Depreciation expense : equipment. Repair and maintenance expense Fuel expense. Miscellancous expense Interest expense . 4000 .5,300 2,200 2,700 3,800 You are required to prepare an income statement for the year ended December 31, 2018 and also prepare the balance sheet dated December 31, 2018.

Strong Knot Inc Trial Balance December 31,2018 Dr Cr. Cash .27,800 Accounts Receivables Supplies Trucks . 4,300 1,400 .140,000 Accumulated Depreciation :trucks Income tax expense Capital stock .. Income tax outstanding. Equipment Accumulated Depreciation : Equipment Accounts payable . Prepaid Rent . Notes payable Interest payable Retained eaming ..75,000 9,000 .18,000 „1,700 28,000 14,000 2,200 3,200 38,000 .300 21,000 Dividends 3,300 Service Revenue earned Insurance expense Office rent expense Prepaid Insurance Supplies expense Salary expense Depreciation expense : trucks Salaries outstanding . Unearned service revenue .194,000 1,800 28,000 8,700 5,600 .72,000 16,000 .900 .2,000 Depreciation expense : equipment. Repair and maintenance expense Fuel expense. Miscellancous expense Interest expense . 4000 .5,300 2,200 2,700 3,800 You are required to prepare an income statement for the year ended December 31, 2018 and also prepare the balance sheet dated December 31, 2018.

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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