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Solution Library
Preparation Of Income Statement And Balance Sheet
Question
Given the adjusted trial balance below, prepare (in good form) an income statement, statement of retained earnings, and balance sheet. The name of the business is Palo Verde Landscaping Services and the accounting period coincides with the calendar year.
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Palo Verde Landscaping Services |
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Adjusted Trial Balance |
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December 31, 20x5 |
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Cash |
$ 795 |
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Accounts Receivable |
1,800 |
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Supplies |
30 |
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Prepaid Insurance |
30 |
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Office Equipment |
3,000 |
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Accumulated Depreciation–Office Equipment |
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$ 450 |
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Accounts Payable |
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1,800 |
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Salaries Payable |
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105 |
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Common Stock |
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1,000 |
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Retained Earnings |
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1,100 |
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Service Revenue |
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3,300 |
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Salaries Expense |
1,680 |
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Supplies Expense |
120 |
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Insurance Expense |
150 |
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Depreciation Expense–Office Equipment |
150 |
______ |
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$7,755 |
$7,755 |
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Total Word Count 93
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