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The unwing accounts are taken um cquinunun Kuny, corporateu, a cumpany una speciales para ayu horseback riding lessons, as of December 31. EQUILIBRIUM RIDING, INCORPORATED Unadjusted Trial Balance At December 31 Account Name Cash 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 $ 72,100 7,150 6,500 72,150 28,500 0 5,050 690 410 $ 192,550 Credits $ 32,950 2,600 65,000 5,000 55,200 31,800 $ 192,550 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 unwing accounts are taken um cquinunun Kuny, corporateu, a cumpany una speciales para ayu horseback riding lessons, as of December 31. EQUILIBRIUM RIDING, INCORPORATED Unadjusted Trial Balance At December 31 Account Name Cash 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 $ 72,100 7,150 6,500 72,150 28,500 0 5,050 690 410 $ 192,550 Credits $ 32,950 2,600 65,000 5,000 55,200 31,800 $ 192,550 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
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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The following accounts are taken cquinunum RIOy, curpurateu, a company that specializes in Occupational toy 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 $ 72,100 7,150 6,500 72,150 28,500 0 5,050 690 410 $ 192,550 Credits $ 32,950 2,600 65,000 5,000 55,200 31,800 $ 192,550 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.
Transcribed Image Text:The following accounts are taken cquinunum RIOy, curpurateu, a company that specializes in Occupational toy 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 $ 72,100 7,150 6,500 72,150 28,500 0 5,050 690 410 $ 192,550 Credits $ 32,950 2,600 65,000 5,000 55,200 31,800 $ 192,550 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.
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