Required

1. What is the Net income at the end of the year?

2. What is the End Retained Earnings balance at the end of the year?

3. What is the Total Asset balance at the end of the year?

4. What is the Total Equity balance at the end of the year?

5. What is the Net Equipment balance at the end of the year?

 

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This is the adjusted trial balance for the new start-up TriStar Corporation. Use this information to prepare TriStar's income statement, Statement of Retained Earnings and balance sheet for the year. Debit Credit No. Account title 101 Cash 109 Office Supplies 111 Equipment 112 Accumulated Depreciation Equipment 200 Accounts Payable 201 Wages Payable 300 Common Stock 301 Dividend 400 Entertainment Revenue 510 Rent Expense 511 Gas and Oil Expense 512 Wages Expense 513 Depreciation Expense Equipment 514 Legal Expense Totals 158,000 25,000 80,000 25,000 26,800 3,000 44,000 33,000 12,000 129,700 228,000 105,000 12,500 11,400 446,700 446,700 This is the adjusted trial balance for the new start-up TriStar Corporation. Use this information to prepare TriStar's income statement, Statement of Retained Earnings and balance sheet for the year. Debit Credit No. Account title 101 Cash 109 Office Supplies 111 Equipment 112 Accumulated Depreciation Equipment 200 Accounts Payable 201 Wages Payable 300 Common Stock 301 Dividend 400 Entertainment Revenue 510 Rent Expense 511 Gas and Oil Expense 512 Wages Expense 513 Depreciation Expense Equipment 514 Legal Expense Totals 158,000 25,000 80,000 25,000 26,800 3,000 44,000 33,000 12,000 129,700 228,000 105,000 12,500 11,400 446,700 446,700