Prepare the monthly income statement, statement of retained earnings, and balance sheet for Spark Cleaning Company, Inc.,
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Prepare the monthly income statement, statement of retained earnings, and balance sheet for Spark Cleaning Company, Inc., from the data provided in the adjusted trial balance presented below.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Spark Cleaning Company, Inc. Adjusted Trial Balance August 31, 2011 S 4,590 2,592 380 200 152 3,200 Cash Accounts Receivable Prepaid Insurance Prepaid Rent Cleaning Supplies Cleaning Equipment Accumulated Depreciation Cleaning Equipment Truck Accumulated Depreciation Truck Accounts Payable Wages Payable Unearned Janitorial Revenue Income Taxes Payable Common Stock Retained Earnings Dividends Janitorial Revenue Wages Expense Rent Expense Gas, Oil, and Other Truck Expenses Insurance Expense Supplies Expense Depreciation Expense Cleaning Equipment Depreciation Expense Truck Income Taxes Expense $320 7,200 720 420 80 920 800 4,000 11,034 2,000 14,620 5,680 1,200 580 380 2,920 320 720 800 32,914 532,914
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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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