Question 1: Provided below is the adjusted trial balance of Garden Wizards. GARDEN WIZARDS Adjusted Trial...

  

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Question 1: Provided below is the adjusted trial balance of Garden Wizards. GARDEN WIZARDS Adjusted Trial balance December 31, 2020 Cash Accounts Receivable Unexpired Insurance Prepaid Rent Office Supplies Debit Balances Furniture and fixtures Insurance Expense Office Rent Expense Supplies Expense Salary expense Depreciation expense: furniture and fixtures Office and telephone expense Internet service expense. Legal expense Interest expense Miscellaneous expense Total Required: Rs. 450 220 1600 Notes Payable 1800 Salaries Payable 900 Interest payable 10000 6200 Capital Stock 12000 Retained Earning 300 Services Revenue 48000 1200 4600 7200 1800 2700 Credit Balances Accumulated Depreciation: Furniture and fixtures Accounts Payable 4300 Unearned Services Revenue 103,270 Total Rs. 6600 7100 24000 2100 170 600 4000 2000 56700 103,270 Required: 1. Prepare the following statements of the company from the data given above: a. Income Statement for the year ending at December 31, 2020 b. Retained Earnings Statement for the year ending at December 31, 2020 c. Balance Sheet as at December 31, 2020 Page 1 (Marks: 4+2+4) Question 1: Provided below is the adjusted trial balance of Garden Wizards. GARDEN WIZARDS Adjusted Trial balance December 31, 2020 Cash Accounts Receivable Unexpired Insurance Prepaid Rent Office Supplies Debit Balances Furniture and fixtures Insurance Expense Office Rent Expense Supplies Expense Salary expense Depreciation expense: furniture and fixtures Office and telephone expense Internet service expense. Legal expense Interest expense Miscellaneous expense Total Required: Rs. 450 220 1600 Notes Payable 1800 Salaries Payable 900 Interest payable 10000 6200 Capital Stock 12000 Retained Earning 300 Services Revenue 48000 1200 4600 7200 1800 2700 Credit Balances Accumulated Depreciation: Furniture and fixtures Accounts Payable 4300 Unearned Services Revenue 103,270 Total Rs. 6600 7100 24000 2100 170 600 4000 2000 56700 103,270 Required: 1. Prepare the following statements of the company from the data given above: a. Income Statement for the year ending at December 31, 2020 b. Retained Earnings Statement for the year ending at December 31, 2020 c. Balance Sheet as at December 31, 2020 Page 1 (Marks: 4+2+4)

Answer rating: 100% (QA)

O Revenue Service RevenueA Expenses Supplies Expense Salaries Expense Office Rent Expense Insuranc... View the full answer