The following accounts are taken from Equilibrlum Riding, Incorporated, a company that specializes in occupational therapy and horseback riding lessons, as of December 31. EQUILIBRIUM RIDING, INCORPORATED Unadjusted Trial Balance At December 31 Debits $ 65,700 4,100 9,300 74,850 22,950 Credits Account Name Cash Accounts Receivable Prepaid Insurance Equi pment Land Accounts Pay able Deferred Revenue Notes Payable (long-term) $ 32,100 1,750 69,000 5,000 52,285 Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Repairs and Maintenance Expense Office Expense 25,800 7,600 705 730 Totals $ 185,935 $ 185,935 Required: 1. Using the unadjusted trial balance provided, create an Income Statement for Equilibrlum Riding, Incorporated, for the year ended December 31. 2. Using the unadjusted trial balance provided, create a Statement of Retained Earnings for Equillibrlum 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 Equilbrlum Riding, Incorporated, for the year ended December 31.
The following accounts are taken from Equilibrlum Riding, Incorporated, a company that specializes in occupational therapy and horseback riding lessons, as of December 31. EQUILIBRIUM RIDING, INCORPORATED Unadjusted Trial Balance At December 31 Debits $ 65,700 4,100 9,300 74,850 22,950 Credits Account Name Cash Accounts Receivable Prepaid Insurance Equi pment Land Accounts Pay able Deferred Revenue Notes Payable (long-term) $ 32,100 1,750 69,000 5,000 52,285 Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Repairs and Maintenance Expense Office Expense 25,800 7,600 705 730 Totals $ 185,935 $ 185,935 Required: 1. Using the unadjusted trial balance provided, create an Income Statement for Equilibrlum Riding, Incorporated, for the year ended December 31. 2. Using the unadjusted trial balance provided, create a Statement of Retained Earnings for Equillibrlum 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 Equilbrlum Riding, Incorporated, for the year ended December 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:The following accounts are taken from Equilibrium Riding, Incorporated, a company that specializes in occupational therapy and
horseback riding lessons, as of December 31.
EQUILIBRIUM RIDING, INCORPORATED
Unadjusted Trial Balance
At December 31
Account Name
Debits
Credits
Cash
$ 65,700
Accounts Receivable
Prepaid Insurance
Equipment
Land
4,100
9,300
74,850
22,950
Accounts Payable
Deferred Revenue
Notes Payable (long-term)
Common stock
Retained Earnings
Dividends
Service Revenue
$ 32,100
1,750
69,000
5,000
52,285
25,800
Salaries and Wages Expense
Repairs and Maintenance Expense
Office Expense
7,600
705
730
Totals
$ 185,935
$ 185,935
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 Equillibrlum 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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 4 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education