The following is account information for Vision Corporation as of December 31, 2011, after all adjustments have

Question:

The following is account information for Vision Corporation as of December 31, 2011, after all adjustments have been made:

Revenue ................ $20,000

Prepaid rent ............... 1,000

Equipment ............... 12,500

Accumulated depreciation, equipment .... 3,000

Common stock ............. 4,000

Retained earnings ............ 2,500a

Accounts receivable ........... 5,000

Accounts payable ............ 2,000

Salaries expense ............. 2,000

Depreciation expense ........... 1,000

Cash ................. 1,000

Inventory ................ 8,000

Dividends ............... 1,000

Requirement

Prepare a trial balance at December 31, 2011, income statement and statement of changes in shareholders’ equity for the year ended December 31, 2011, and balance sheet at December 31, 2011.

Balance Sheet
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