Question: Exercise 5.2 (Static) Financial Statement Preparation (LO5-1, LO5-2, LO5-6) Green Lawns, Inc., performs adjusting entries every month, but closes its accounts only at year-end.

performs adjusting entries every month, but closes its accounts only at year-end.

Exercise 5.2 (Static) Financial Statement Preparation (LO5-1, LO5-2, LO5-6) Green Lawns, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The following is the company's year-end adjusted trial balance dated December 31, current year. Cash Accounts receivable GREEN LIONS, INC. Adjusted Trial Balance December 31, Current Year Supplies Equipment Accumulated depreciation equipment Accounts payable Income taxes payable Capital stock Retained earnings Dividends Lawn care revenue earned Salary expense Supply expense Advertising expense Depreciation expense: event Income taxes expense $ 218,640 10,00 720 28,808 3 12,000 3,400 720 2,400 27,948 $ 422,400 $422,400 6-1. Prepare an income statement for the year ended December 31, current year -2. Prepare a statement of retained earnings for the year ended December 31, current year -3. Prepare the company's balance sheet dated December 31, current year b. Does the company appear to be liquid? c. Has the company been profitable in the past? Prev ## Next

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