A company provides the following account balances at year end ( except for Retained Earnings, which is
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Question:
A company provides the following account balances at year end except for Retained Earnings, which is the beginning balance The CFO has asked you to use this information to prepare an income statement and balance sheet.
Expenses: Advertising expense $ Assets: Cash $
Insurance expense Accounts receivable
Salaries expense Supplies
Rent expense Land
Liabilities: Salaries payable Revenues: Service revenue
Notes payable Interest revenue
Dividends: Dividends Equity: Common stock
Retained earnings
Required:
Use the information provided to complete the income statement.
Use the information provided to complete the balance sheet.
Use a conditional statement to evaluate whether the accounting equation balances.
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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