Prepare the monthly income statement, statement of retained earnings, and balance sheet for Alvin Cleaning Company, Inc.,
Question:
Prepare the monthly income statement, statement of retained earnings, and balance sheet for Alvin Cleaning Company, Inc., from the data provided in the adjusted trial balance is given below.
Balance SheetBalance 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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Alvin Cleaning Company, Inc. Adjusted Trial Balance August 31, 2010 $ 4,750 Cash Accounts Receivable 2,592 Prepaid Insurance Prepaid Rent Cleaning Supplies Cleaning Equipment Accumulated Depreciation-Cleaning Equipment 380 200 152 3,875 $ 320 Truck 7,200 Accumulated Depreciation-Truck 720 Accounts Payable 420 Wages Payable 295 Unearned Janitorial Revenue 1,590 Income Taxes Payable Common Stock 900 4,000 Retained Earnings 11,034 Dividends 2,000 Janitorial Revenue 14,620 Wages Expense Rent Expense 5,680 1,350 Gas, Oil, and Other Truck Expenses 580 Insurance Expense 380 Supplies Expense Depreciation Expense-Cleaning Equipment 2,920 320 Depreciation Expense-Truck 720 Income Taxes Expense 800 $33,899 $33,899
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Related Book For
Financial and Managerial Accounting
ISBN: 978-1439037805
9th edition
Authors: Belverd E. Needles, Marian Powers, Susan V. Crosson
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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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