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Preparation Of Income Statement And Balance Sheet

Question

Given the adjusted trial balance below, prepare (in good form) an income statement, statement of retained earnings, and balance sheet. The name of the business is Palo Verde Landscaping Services and the accounting period coincides with the calendar year.

Palo Verde Landscaping Services

 

Adjusted Trial Balance

 

December 31, 20x5

 

Cash

$   795

 

 

Accounts Receivable

1,800

 

 

 

Supplies

30

 

 

Prepaid Insurance

30

 

 

Office Equipment

3,000

 

 

Accumulated Depreciation–Office Equipment

 

$ 450

 

Accounts Payable

 

1,800

 

Salaries Payable

 

105

 

Common Stock

 

1,000

 

Retained Earnings

 

1,100

 

Service Revenue

 

3,300

 

Salaries Expense

1,680

 

 

Supplies Expense

120

 

 

Insurance Expense

150

 

 

Depreciation Expense–Office Equipment

       150

______

 

$7,755

$7,755

 

             

 

Total Word Count 93

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