The adjusted trial balance for Ryan Company is given in E4.22. Instructions Prepare the income and retained
Question:
The adjusted trial balance for Ryan Company is given in E4.22.
Instructions
Prepare the income and retained earnings statements for the year and the classified balance sheet at August 31.
Data From E.4.22
The following trial balances are before and after adjustment for Ryan Company at the end of its fiscal year.
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...
Ryan Company Trial Balance August 31, 2022 Before After Adjustment Adjustment Cr. Dr. Cr. Dr. Cash $10,900 $10,900 9,400 Accounts Receivable 8,800 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable 2,500 4,000 16,000 500 2,500 16,000 $ 3,600 $ 4,800 5,800 5,800 1,100 1,800 10,000 Unearned Rent Revenue 800 Common Stock 10,000 Retained Earnings 5,500 5,500 Dividends 2,800 2,800 Service Revenue 34,600 34,000 12,100 Rent Revenue 13,100 Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense 17,000 18,100 2,000 10,800 10,800 1,500 1,200 $72,800 $72,800 $75,700 $75,700
Step by Step Answer:
Revenues Service revenue Rent revenue Total revenues Expense...View the full answer
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119493631
9th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Related Video
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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