The following accounts are taken from Equilibrium Riding, Incorporated, a company that specializes in occupational therapy andhorseback riding lessons, as of December 31.Account NameCashAccounts ReceivablePrepaid InsuranceEquipmentLandAccounts PayableDeferred RevenueEQUILIBRIUM RIDING, INCORPORATEDUnadjusted Trial BalanceAt December 31Notes Payable (long-term)Common StockRetained EarningsDividendsService RevenueSalaries and Wages ExpenseRepairs and Maintenance ExpenseOffice ExpenseTotalsDebits$ 66,4506,8006,20072,60036,3007,700520685$ 197,255Credits$ 29,8501,60071,0005,00058,80531,000$ 197,255Required:1. Using the unadjusted trial balance provided, create an Income Statement for Equilibrium Riding, Incorporated, for the yearended December 31.2. Using the unadjusted trial balance provided, create a Statement of Retained Earnings for Equilibrium Riding, Incorporated, forthe year ended December 31. If there are no dividends, include a line that reports Dividends of zero.3. Using the unadjusted trial balance provided, create a classified Balance Sheet for Equilibrium Riding, Incorporated, for theyear ended December 31.

Financial statement means statement which shows the financial position as on date and financial…

The following accounts are taken from Equilibrium Riding, Incorporated, a company that specializes in occupational therapy and horseback riding lessons, as of December 31. Account Name Cash Accounts Receivable Prepaid Insurance Equipment Land Accounts Payable Deferred Revenue EQUILIBRIUM RIDING, INCORPORATED Unadjusted Trial Balance At December 31 Notes Payable (long-term) Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Repairs and Maintenance Expense Office Expense Totals Debits $ 66,450 6,800 6,200 72,600 36,300 0 7,700 520 685 $ 197,255 Credits $ 29,850 1,600 71,000 5,000 58,805 31,000 $ 197,255 Required: 1. Using the unadjusted trial balance provided, create an Income Statement for Equilibrium Riding, Incorporated, for the year ended December 31. 2. Using the unadjusted trial balance provided, create a Statement of Retained Earnings for Equilibrium Riding, Incorporated, for the year ended December 31. If there are no dividends, include a line that reports Dividends of zero. 3. Using the unadjusted trial balance provided, create a classified Balance Sheet for Equilibrium Riding, Incorporated, for the year ended December 31.

The following accounts are taken from Equilibrium Riding, Incorporated, a company that specializes in occupational therapy and horseback riding lessons, as of December 31. Account Name Cash Accounts Receivable Prepaid Insurance Equipment Land Accounts Payable Deferred Revenue EQUILIBRIUM RIDING, INCORPORATED Unadjusted Trial Balance At December 31 Notes Payable (long-term) Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Repairs and Maintenance Expense Office Expense Totals Debits $ 66,450 6,800 6,200 72,600 36,300 0 7,700 520 685 $ 197,255 Credits $ 29,850 1,600 71,000 5,000 58,805 31,000 $ 197,255 Required: 1. Using the unadjusted trial balance provided, create an Income Statement for Equilibrium Riding, Incorporated, for the year ended December 31. 2. Using the unadjusted trial balance provided, create a Statement of Retained Earnings for Equilibrium Riding, Incorporated, for the year ended December 31. If there are no dividends, include a line that reports Dividends of zero. 3. Using the unadjusted trial balance provided, create a classified Balance Sheet for Equilibrium Riding, Incorporated, for the year ended December 31.

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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