Orange Designs provides consulting services related to home decoration. Orange Designs provides customers with recommendations for a
Question:
Required:
Prepare an income statement, statement of stockholders' equity, and classified balance sheet. In preparing the statement of stockholders' equity, note that during the year the company issued additional common stock of $10,000. This amount is included in the amount for Common Stock in the adjusted trial balance.
ORANGE DESIGNS Adjusted Trial Balance December 31, 2012 Accounts Debits Credits $ 5,000 A,000 2,000 6,000 110,000 Accounts Receivable Supplies Prepaid Rent Buildings Accumulated Depreciation Accounts Payable aric Payakblke Utilities Payable Notes Payable Common Stock Retained Earnings Service Revenues Salaries Expense Rent Expense Depreciation Expense Supplies Expense Advertising Expense Utilities Expense Interest Expense $ 21,000 3,000 4,000 1,000 20,000 50,000 15,000 115,000 42,000 18,000 7,000 8,000 13,000 12,000 2,000 Totals $229,000 $229,000
Step by Step Answer:
Orange Designs Income Statement For the year ended December 31 2012 Consulting revenues 115000 Expen...View the full answer
Financial Accounting
ISBN: 9780078110825
2nd Edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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