Using the adjusted trial balance data below created from Problem 2, prepare an Income Statement, Statement of Stockholders' Equity, and Balance Sheet Grant Corporation Adjusted Trial Balance December 31, 2020 Account Debit Credit Cash 3,450 Accounts Receivable 16,900 Supplies 430 Prepaid Rent 12,100 Land 21,700 Equipment 22,210 Accum. Deprec. - Equip. - Accounts Payable 1,940 Salaries Payable 250 Unearned Revenue - Common Stock 38,000 Retained Earnings 12,000 Dividends 2,900 Service Revenue 10,750 Rent Expense - Salaries Expense 2,410 Advertising Expense 730 Depreciation Expense - Supplies Expense - Total 82,830 62,940 Grant Corporation Income Statement For the Period Ended December 31, 2020 Revenues: Total Revenues Expenses: Total Expenses Net income (loss) Grant Corporation Statement of Stockholders' Equity December 31, 2020 Common Retained Stock Earnings Total Grant Corporation Balance Sheet December 31, 2020 Assets Current Assets Total Current Assets Property, Plant, and Equipment Total Property, Plant, and Equipment Total Assets Liabilities Current Liabilities Total Current Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity

Using the adjusted trial balance data below created from Problem 2, prepare an Income Statement, Statement of Stockholders' Equity, and Balance Sheet Grant Corporation Adjusted Trial Balance December 31, 2020 Account Debit Credit Cash 3,450 Accounts Receivable 16,900 Supplies 430 Prepaid Rent 12,100 Land 21,700 Equipment 22,210 Accum. Deprec. - Equip. - Accounts Payable 1,940 Salaries Payable 250 Unearned Revenue - Common Stock 38,000 Retained Earnings 12,000 Dividends 2,900 Service Revenue 10,750 Rent Expense - Salaries Expense 2,410 Advertising Expense 730 Depreciation Expense - Supplies Expense - Total 82,830 62,940 Grant Corporation Income Statement For the Period Ended December 31, 2020 Revenues: Total Revenues Expenses: Total Expenses Net income (loss) Grant Corporation Statement of Stockholders' Equity December 31, 2020 Common Retained Stock Earnings Total Grant Corporation Balance Sheet December 31, 2020 Assets Current Assets Total Current Assets Property, Plant, and Equipment Total Property, Plant, and Equipment Total Assets Liabilities Current Liabilities Total Current Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity

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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Using the adjusted trial balance data below created from Problem 2, prepare an Income Statement, Statement of
Stockholders' Equity, and Balance Sheet

Grant Corporation
Adjusted Trial Balance
December 31, 2020
Account	Debit	Credit
Cash	3,450
Accounts Receivable	16,900
Supplies	430
Prepaid Rent	12,100
Land	21,700
Equipment	22,210
Accum. Deprec. - Equip.		-
Accounts Payable		1,940
Salaries Payable		250
Unearned Revenue		-
Common Stock		38,000
Retained Earnings		12,000
Dividends	2,900
Service Revenue		10,750
Rent Expense	-
Salaries Expense	2,410
Advertising Expense	730
Depreciation Expense	-
Supplies Expense	-
Total	82,830	62,940

Grant Corporation
Income Statement
For the Period Ended December 31, 2020

	Revenues:


	Total Revenues

	Expenses:







	Total Expenses

	Net income (loss)






Grant Corporation
Statement of Stockholders' Equity
December 31, 2020

		Common	Retained
		Stock	Earnings	Total







Grant Corporation
Balance Sheet
December 31, 2020
	Assets
	Current Assets




	Total Current Assets
	Property, Plant, and Equipment



	Total Property, Plant, and Equipment
	Total Assets

	Liabilities
	Current Liabilities



	Total Current Liabilities
	Stockholders' Equity


	Total Stockholders' Equity
	Total Liabilities and Stockholders' Equity

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