Yanik Financial Services Ltd. reports the following adjusted trial balance at August 31, 2021: YANIK FINANCIAL...

 

 

Transcribed Image Text:

Yanik Financial Services Ltd. reports the following adjusted trial balance at August 31, 2021: YANIK FINANCIAL SERVICES LTD. Adjusted Trial Balance August 31, 2021 Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation-equipment Accounts payable Salaries payable Interest payable Rent payable Income tax payable Deferred revenue Bank loan payable, 2024 Common shares Retained earnings Dividends declared Service revenue Debit $11,470 18,400 3,000 3,650 26,400 600 Credit $5,905 2,750 2,100 1,600 1.250 1,300 400 25,500 4,000 5,300 55,425 Salaries expense Rent expense Depreciation expense Supplies expense Interest expense Insurance expense Income tax expense Total (a) Prepare an income statement. 19,300 > 13,445 2,475 1,750 1,600 1,240 2,200 During the year, the company issued common shares for $1,300. $105,530 $105,530 YANIK FINANCIAL SERVICES LTD Statement of Income For the year ended August 31, 2021 Yanik Financial Services Ltd. reports the following adjusted trial balance at August 31, 2021: YANIK FINANCIAL SERVICES LTD. Adjusted Trial Balance August 31, 2021 Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation-equipment Accounts payable Salaries payable Interest payable Rent payable Income tax payable Deferred revenue Bank loan payable, 2024 Common shares Retained earnings Dividends declared Service revenue Debit $11,470 18,400 3,000 3,650 26,400 600 Credit $5,905 2,750 2,100 1,600 1.250 1,300 400 25,500 4,000 5,300 55,425 Salaries expense Rent expense Depreciation expense Supplies expense Interest expense Insurance expense Income tax expense Total (a) Prepare an income statement. 19,300 > 13,445 2,475 1,750 1,600 1,240 2,200 During the year, the company issued common shares for $1,300. $105,530 $105,530 YANIK FINANCIAL SERVICES LTD Statement of Income For the year ended August 31, 2021

Answer rating: 100% (QA)

CALCULATIONS Service Revenue Service Revenue 55425 Expenses Salaries Expense ... View the full answer