The adjusted trial balance for Fraser Valley Services Ltd. is given in E4-8. In E4-8 The unadjusted
Question:
The adjusted trial balance for Fraser Valley Services Ltd. is given in E4-8.
In E4-8
The unadjusted and adjusted trial balances follow for Fraser Valley Services Ltd. at the end of its fiscal year, August 31. The company adjusts its accounts annually.
Instructions
Prepare the income statement, statement of changes in equity, and statement of financial position for the year. During the year, the company issued common shares for $1,000.
Transcribed Image Text:
FRASER VALLEY SERVICES LTD Trial Balance August 31, 2012 Unadjusted DebitCredit Adjusted DebitCredit $ 7,430 16,000 3,150 4,550 25,600 S 7,430 Accounts receivable Supplies Prepaid insurance Equipment 1,400 3,450 25,600 Accumulated depreciation-equipment Accounts payable Salaries payable Interest payable Rent payable Income tax payable 3,630 7,800 $ 5,905 7,800 2,200 1,500 1,250 900 700 25,000 5,000 5,400 Unearned revenue Bank loan payable, 6%, due September 1, 2012 1,700 25,000 5,000 5,400 Retained earnings Dividends 39,550 44,275 Service revenue Salaries expense 17,000 13,750 19,200 15,000 2,275 1,750 1,500 1,100 Rent expense Depreciation expense Interest expense Income tax expense Supplies expense $88,080 88,080 $99,930 S99,930
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FRASER VALLEY SERVICES LTD Income Statement Year Ended August 31 2012 Revenues Service revenue 44275 Expenses Salaries expense 19200 Rent expense 15000 Depreciation expense 2275 Supplies expense 1750 Interest expense 1500 ...View the full answer
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Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118024492
5th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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