1. Using the format presented in Problem 3-1 IB, complete

1. Using the format presented in Problem 3-1 IB, complete the adjusted trial balance by including the adjusting entries prepared in Problem 3-1 IB.
B52 Skate Training prepares adjustments annually and showed the following on its June 30, 2014, year-end:
1. Using the format presented in Problem 3-1 IB, complete

2. Prepare an income statement, a statement of changes in equity, and a balance sheet based on the adjusted trial balance completed in Part 1. Assume that the owner, Ben Gibson, made an investment during the year of $20,000).
Analysis Component: Assume that total liabilities reported at June 30, 2013, were $90,000. Determine what equity and total assets were on that date and comment on the change in the financial position from 2013 to 2014.

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...