Question: All information needed is in the question. the problem has been partially completed Green Valley Company prepared the following trial balance at the end of




Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. UNADJUSTED Debit Credit 30 27 22 89 23 Account Titles Canh Accounts receivable Prepaid Insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (5,000 shares) Additional paid-in capital Retained earnings Revenues not detailed) Expenses (not detailed) Totale 5 69 21 129 37 226 226 Other data not yet recorded at December 31 include: a. Insurance expired during the current year. $13. b. Wages payable, $16. c. Depreciation expense for the current year, $18. d. Income tax expense, $6. Required: 1. Using the adjusted balances, prepare an income statement for the current year. (Enter your answers in thousands. Round "Earnings per share" to 2 decimal places.) Answer is complete and correct. GREEN VALLEY COMPANY Income Statement For the Year Ended December 31 (in thousands of dollars) Revenues (not detailed) s 129 Expenses 84 Pretax income Income tax expenso 6 Net Income s 39 Earnings per share $ 7.80 45 2. Using the adjusted balances, prepare statement of stockholders' equity for the current year. The balance in retained earnings represents dividends that were declared and paid in the current year. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) Answer is not complete. GREEN VALLEY COMPANY Statement of Stockholders' Equity For the Year Ended December 31 (in thousands of dollars) Additional Total Common Retained Pald-In Stockholder Stock Capital Earnings Equity $ OS 0 os 0 5 39 Beginning balances Stock issuance Not income Dividends declared Ending balances $ 5 S 0 IS 39 $ 0 3. Using the adjusted balances, prepare balance sheet for the current year. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) Answer is not complete. GREEN VALLEY COMPANY Balance Sheet (in thousands of dollars) Assets Current Assets: Total Current Assets 0 $ 0 Total assets Liabilities and Stockholders' Equity Current Liabilities: Total current abilities 0 (in thousands of dollars) Assets Current Assets: Total Current Assets 0 0 Total assets Liabilities and Stockholders' Equity Current Liabilities: 0 Total current liabilities Stockholders' Equity Total liabilities and Stockholders' Equity $ 0
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