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 EQUILIBRIUM RIDING, INCORPORATED Unadjusted Trial Balance At December 31 Accounts Receivable Prepaid Insurance Equipment Land Accounts Payable Deferred Revenue Notes Payable (long-term) Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Repairs and Maintenance Expense Office Expense Totals Debits $ 68,550 5,850 5,100 75, 150 34, 200 0 4,350 780 755 $ 194,735 Credits $ 32,500 2,700 75,000 5,000 47, 535 32,000 $ 194,735 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 EQUILIBRIUM RIDING, INCORPORATED Unadjusted Trial Balance At December 31 Accounts Receivable Prepaid Insurance Equipment Land Accounts Payable Deferred Revenue Notes Payable (long-term) Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Repairs and Maintenance Expense Office Expense Totals Debits $ 68,550 5,850 5,100 75, 150 34, 200 0 4,350 780 755 $ 194,735 Credits $ 32,500 2,700 75,000 5,000 47, 535 32,000 $ 194,735 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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