Use the following adjusted trial balance of Magic Company to prepare its December 31 year-end (1) in- come statement, (2) statement of owner's equity, and (3) balance sheet (unclassified). The Magic, Capita account balance was $75,000 on December 31 of the prior year. MAGIC COMPANY Adjusted Trial Balance December 31 Account Title Debit Credit $ 13,000 17,000 Cash .... Accounts receivable Land ..... 85,000 Accounts payable $ 12,000 Long-term notes payable 33,000 Magic, Capital...... 75,000 Magic, Withdrawals 20,000 Fees earned ... 79,000 Salaries expense 56,000 Office supplies expense 8,000 $199,000 Totals $199,000 .....
Use the following adjusted trial balance of Magic Company to prepare its December 31 year-end (1) in- come statement, (2) statement of owner's equity, and (3) balance sheet (unclassified). The Magic, Capita account balance was $75,000 on December 31 of the prior year. MAGIC COMPANY Adjusted Trial Balance December 31 Account Title Debit Credit $ 13,000 17,000 Cash .... Accounts receivable Land ..... 85,000 Accounts payable $ 12,000 Long-term notes payable 33,000 Magic, Capital...... 75,000 Magic, Withdrawals 20,000 Fees earned ... 79,000 Salaries expense 56,000 Office supplies expense 8,000 $199,000 Totals $199,000 .....
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 12PB: The following is the adjusted trial balance data for Elm Connections as of December 31, 2019. A. Use...
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Question
![Use the following adjusted trial balance of Magic Company to prepare its December 31 year-end (1) in-
come statement, (2) statement of owner's equity, and (3) balance sheet (unclassified). The Magic, Capita
account balance was $75,000 on December 31 of the prior year.
MAGIC COMPANY
Adjusted Trial Balance
December 31
Account Title
Debit
Credit
$ 13,000
17,000
Cash ....
Accounts receivable
Land .....
85,000
Accounts payable
$ 12,000
Long-term notes payable
33,000
Magic, Capital......
75,000
Magic, Withdrawals
20,000
Fees earned ...
79,000
Salaries expense
56,000
Office supplies expense
8,000
$199,000
Totals
$199,000
.....](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F27db7759-b5b0-4531-9b7c-6bd90bbd8945%2F55904eb7-3140-428d-a301-7be3a3b49de4%2Fcv0bgf6_processed.png&w=3840&q=75)
Transcribed Image Text:Use the following adjusted trial balance of Magic Company to prepare its December 31 year-end (1) in-
come statement, (2) statement of owner's equity, and (3) balance sheet (unclassified). The Magic, Capita
account balance was $75,000 on December 31 of the prior year.
MAGIC COMPANY
Adjusted Trial Balance
December 31
Account Title
Debit
Credit
$ 13,000
17,000
Cash ....
Accounts receivable
Land .....
85,000
Accounts payable
$ 12,000
Long-term notes payable
33,000
Magic, Capital......
75,000
Magic, Withdrawals
20,000
Fees earned ...
79,000
Salaries expense
56,000
Office supplies expense
8,000
$199,000
Totals
$199,000
.....
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