The following accounts are taken from Equilibrium Riding, Incorporated, a company that specializes in occupational therapy...

 

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The following accounts are taken from Equilibrium Riding, Incorporated, a company that specializes in occupational therapy and horseback riding lessons, as of December 31. Account Name Cash Accounts Receivable: Prepaid Insurance Equipment Land Accounts Payable Deferred Revenue EQUILIBRIUM RIDING, INCORPORATED Unadjusted Trial Balance At December 31 Notes Payable (long-term) Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Repairs and Maintenance Expense Office Expense Totals Debits $ 61,650 5,150 8,000 71,350 28,350 6,750 900 425 $ 182,575 Credits $ 32,400 2,250 60,000 5,000 53,325 29,600 $ 182,575 Required: 1. Using the unadjusted trial balance provided, create an Income Statement for Equilibrium Riding, Incorporated, for the year ended December 31. 2. Using the unadjusted trial balance provided, create a Statement of Retained Earnings for Equilibrium Riding, Incorporated, for the year ended December 31. If there are no dividends, include a line that reports Dividends of zero. 3. Using the unadjusted trial balance provided, create a classified Balance Sheet for Equilibrium Riding, Incorporated, for the year ended December 31. The following accounts are taken from Equilibrium Riding, Incorporated, a company that specializes in occupational therapy and horseback riding lessons, as of December 31. Account Name Cash Accounts Receivable: Prepaid Insurance Equipment Land Accounts Payable Deferred Revenue EQUILIBRIUM RIDING, INCORPORATED Unadjusted Trial Balance At December 31 Notes Payable (long-term) Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Repairs and Maintenance Expense Office Expense Totals Debits $ 61,650 5,150 8,000 71,350 28,350 6,750 900 425 $ 182,575 Credits $ 32,400 2,250 60,000 5,000 53,325 29,600 $ 182,575 Required: 1. Using the unadjusted trial balance provided, create an Income Statement for Equilibrium Riding, Incorporated, for the year ended December 31. 2. Using the unadjusted trial balance provided, create a Statement of Retained Earnings for Equilibrium Riding, Incorporated, for the year ended December 31. If there are no dividends, include a line that reports Dividends of zero. 3. Using the unadjusted trial balance provided, create a classified Balance Sheet for Equilibrium Riding, Incorporated, for the year ended December 31.

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The image youve provided shows an unadjusted trial balance for Equilibrium Riding Incorporated as of December 31 To fulfill your requirement we will create an Income Statement a Statement of Retained ... View the full answer