Using the adjusted trial provided below, prepare an income statement, statement of owner's equity, and balance...

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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 $ 1,028,895 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 $ 1,028,895

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The image provided appears to be an adjusted trial balance for Solomon Services Company as of December 31 20X2 To prepare an income statement statemen... View the full answer