Question: Using the adjusted trial provided below, prepare an income statement, statement of owner's equity, and balance sheet for Solomon Services Company. Note: Solomon Services Company

Using the adjusted trial provided below, prepare an income statement, statement of owner's equity, and balance sheet for Solomon Services Company. Note: Solomon Services Company had a capital balance of $70,865 at the beginning of the year. Report accounts receivable net of any allowance for bad debts. Solomon Services Company Adjusted Trial Balance December 31, 20X2 Account Debit Credit Cash $ 24,860 Petty cash $ 250 Accounts receivable $ 22,010 Allowance for doubtful accounts $ 1,500 Office supplies $ 280 Prepaid insurance $ 2,560 Equipment $ 94,000 Accumulated depreciation $ 36,125 Land $ 23,550 Accounts payable $ 23,605 Salaries payable $ 500 Unearned revenues 5,600 Bill Solomon, Capital $ 80,865 Bill Solomon, Drawing $ 5,000 Sales $ 874,460 Sales discounts $ 10,600 Sales returns and allowances 115,000 Cost of goods sold 600,520 Office salaries expense $ 6,250 Office rent expense $ 10,000 Store rent expense $ 22,000 Sales salaries expense 42,000 Advertising expense $ 48,500 Office supplies expense $ 1,240 Miscellaneous selling expense $ 150 Cash short and over 125 Gain/Loss on sale of equipment $ 6,240 1.028.895 Honorlock Browser Guard $ 1.028.895

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!