XYZ Ltd. has the following trial balance as of December 31, 2022:

Debit Balances:
Cash $10,000
Accounts Receivable $5,000
Prepaid Rent $2,000
Equipment $50,000
Accumulated Depreciation $10,000
Accounts Payable $3,000
Wages Payable $2,000
Notes Payable $10,000
Common Stock $30,000
Retained Earnings $10,000
Dividends $2,000
Sales $40,000
Cost of Goods Sold $15,000
Wages Expense $5,000
Rent Expense $2,000
Depreciation Expense $5,000
Interest Expense $1,000

Prepare an income statement, a retained earnings statement, and a balance sheet as of December 31, 2022.

Answer rating: 100% (QA)

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