(c) Your Answer Correct Answer Prepare the balance sheet at August 31. (List Assets in order of liquidity.) CULLUMBER COMPANY Balance Sheet Assets $ Liabilities and Owner's Equity e Textbook and Media List of Accounts Save for Later Attempts: unlimited Submit Answer The trial balances before and after adjustment for Cullumber Company at the end of its fiscal year are presented below. CULLUMBER COMPANY Trial Balance August 31, 2022 Before Adjustment Dr. Cr. After Adjustment Dr. Cr. Cash $ 10,500 $ 10,500 8,800 9,800 2,300 700 2,600 3.700 14.900 14,900 $ 3,700 $ 4,300 5,900 5.900 1.200 1,300 600 Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Owner's Capital Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense 16,000 16,000 34,100 35,100 11,200 11.900 17,200 18,400 0 1,600 14,800 14,800 0 1,100 0 600 $ 72,200 $ 72,200 $ 75,000 $ 75,000 (a) Your Answer Correct Answer Your answer is correct. Prepare the income statement for the year. CULLUMBER COMPANY Income Statement For the Year Ended August 31, 2022 Revenues Service Revenue $ 35100 Rent Revenue 11900 Total Revenues V 47000 Expenses Salaries and Wages Expense 18400 Supplies Expense 1600 Rent Expense 14800 i Insurance Expense 1100 i Depreciation Expense 600 Total Expenses 36500 i Net Income /(Loss) $ 10500 Attempts: unlimited (b) Your Answer Correct Answer Prepare the owner's equity statement for the year. CULLUMBER COMPANY Owner's Equity Statement $ e Textbook and Media List of Accounts Save for Later Attempts: unlimited Submit