Refer to E4-16. E4-16 Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of
Question:
E4-16
Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31, 2013. To simplify this exercise, the amounts given are in thousands of dollars.
Other data not yet recorded at December 31, 2013:
a. Insurance expired during 2013, $5.
b. Depreciation expense for 2013, $4.
c. Wages payable, $7.
d. Income tax expense, $9.
Required:
Using the adjusted balances in E4-16, prepare an income statement, statement of retained earnings, and balance sheet for 2013.
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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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025372
4th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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