Rattlers Tax Services year-end financial statements are provided below. RATTLE TAX SERVICES Statement of income Service revenues
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Question:
RATTLE TAX SERVICES | ||||||
Statement of income | ||||||
Service revenues | ps | 77,500 | ||||
Bills: | ||||||
Wages | ps | 46,000 | ||||
utilities | 8,200 | |||||
Safe | 5,800 | |||||
supplies | 2100 | 62,100 | ||||
Net Income | ps | 15,400 | ||||
RATTLE TAX SERVICES | |||||||||
Stockholders' Equity Statement | |||||||||
common stocks | retained earnings | Total Shareholders Equity | |||||||
Beginning balance, January 1 | ps | 60.000 | ps | 24.500 | ps | 84,500 | |||
issue shares | 30,000 | 30,000 | |||||||
Net Income | 15,400 | 15,400 | |||||||
dividends | (6,000 | ) | (6,000 | ) | |||||
Final balance, December 31 | ps | 90.000 | ps | 33,900 | ps | 123,900 | |||
RATTLE TAX SERVICES | ||||||||||
Balance sheet | ||||||||||
Assets | Passive | |||||||||
Money | ps | 4,700 | Accounts payable | ps | 3,000 | |||||
accounts receivable | 7,200 | Equity: | ||||||||
Tierra | 115,000 | Common actions | ps | 90.000 | ||||||
Retained earnings | 33,900 | 123,900 | ||||||||
total assets | ps | 126,900 | Total liabilities and equity | ps | 126,900 | |||||
Required:
Record of year-end closing entries
Prepare a post-closing trial balance.
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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