Preparing Financial Statements

Using the information presented below, prepare an income statement and the balance sheet from the adjusted trial balance of Gin Yang, Culinary Academy.

Gin Yang, Culinary Academy Adjusted Trial Balance December 31
Cash	$ 5,200
Accounts receivable	1,100
Prepaid insurance	1,200
Office supplies	320
Office equipment	3,000
Accumulated depreciationoffice equipment		$ 1,800
Buildings	75,000
Accumulated depreciationbuildings		26,000
Land	135,000
Salaries Payable		1,285
Property taxes payable		3,200
Interest payable		3,850
Unearned tuition revenue		3,300
Notes payable		85,000
Gin Yang, Capital Stock		35,000
Gin Yang, Dividends	5,000
Tuition revenue		92,855
Salaries expense	13,000
Utilities expense	1,400
Property taxes expense	1,975
Insurance expense	1,300
Office supplies expense	325
Depreciation expenseoffice equipment	1,120
Depreciation expensebuildings	4,850
Interest expense	2,500 $252,290	________ $252,290
Totals

Required:

Use a spreadsheet to prepare the:

1. Income Statement
2. Balance Sheet

Use the spreadsheet below to create a properly formatted income statement and balance sheet. Feel free to add/resize lines/columns as needed. 1. Income Statement Parta Gin Yang, Culinary Academy Income Statement December 31 Revenues Expenses Total Expenses Net Income 0 2. Balance Sheet Part b Gin Yang, Culinary Academy Balance Sheet December 31 Assets Total Assets $0 Liabilities Total Liabilities Stockholders' Equity Retained Earnings Total Liabilities and Equity