Prepare the Income Statement, the Statement of Net Worth and the Classified Balance Sheet for the month
Question:
Prepare the Income Statement, the Statement of Net Worth and the Classified Balance Sheet for the month ended December 31, 20XX
Please provide the following balance sheet account balance
current assets
long term assets
total passive
total shareholder capital
Record the closing integers under the general journal
post all closing entries to account t and calculate the balance after all closing entries have been posted
Provide the ending cash balance as of December 31 of the T account
Provide the balance of retained earnings at the close of the account t that have been accounted for
Control point Total assets = $8,820
Adjusted trial balance
Cash $3,750
Accounts receivable $1,000
Supplies $90
Prepaid Insurance $440
Equipment $3,600
Accumulated Depreciation $60
Accounts payable $130
Wages Payable $450
Common Stock $6,000
retained earnings 0
Dividends $200
Service income $7,900
Rental Expenses $500
Salary expenses $4,650
Insurance costs $40
Supply Expenses $210
Depreciation expense $60
Total $14,540
Expert Answer:
To prepare the requested financial statements and calculate the ending cash balance and retained earnings we need to perform several steps Lets start ... View the full answer
