Exercise $1(10$ points$)$

Max Time $40$ minutes

The adjusted trial balance of Ryan Financial Planners appears below.

Using the information from the adjusted trial balance, you are to prepare for the month ending December $31$:

an income statement.

a retained earnings statement.

a statement of financial position.

$10,300$

RYAN FINANCIAL PLANNERS

Adjusted Trial Balance

December $31,2020$

Office Equipmentated Depreciation$-$Office Equipment.

Accounts Payable........

Share Capital$-$Ordinary

Retained Earnings.

Dividends Debit

Credit

Cash $$4,400$

Accounts Receivable. $..,2,200$

Office Supplies......... $1,800$

Service Revenue $15,000$

Office Supplies Experise.

$3,700$

Depreciation Expense.

$=600$

Rent Expense.

$2,500$

$$4,000$

$3,800$

$5,000$

$10,000$

$4,400$

$2,500$