Question

Check your knowledge! If you complete all parts with a 95% score, you will unlock access to all activities and can proceed to prove your mastery. You can attempt this as many times as you want. Your work will be saved as you work through each part. Using the Adjusted Trial Balance, complete the Income Statement, Statement of Retained Earnings, and Balance Sheet. Enter any decreases with a minus sign or parentheses. SMART TOUCH LEARNING Adjusted Trial Balance December 31, 2016 Balance Debit Credit Account Title Cash 19,500 Revenue: Accounts Receivable 10,800 Office Supplies 200 Expenses: Prepaid Rent 13,000 Furniture 22,700

Answer 1

I SMART TooCH LEARNDNG come statement for yearended _December 31, 2016 58.900 200 2,600 Service Revenue Lless Expenses ottice Supplies Depreciation expense- Furni tune Rent expenses Salones expenses & Supplies Expenses Interest expenses 3,900 4500 1000 Zoo Total expenses Met income a J12,500 46,400 B OST statment of Retained Earning I Retained Earning Add. Met Income fless, arvidend Retained Earning 11000 46,400 33000 26400

SMART TOUCH LEARNING Balance sheet as on December 3, 2016 Astet& B I l abilities. 8 current Assets canert liability! cash 19.500 Account 10,800 | La pa eks 6 до 1 Receivable Interest payable 300 prepaid Rent 11300g lunearned Revenue 6,500 10,000 Total cunat Assors 43,300 Note payable 9,100 Elxed Assets stockholder Equtog Furniture 22,700 14900 comman Stock 12,700 less: Accumulak 7,800 I Retained 126,400 Depreciation bar hings Thal Asset 158200 Total liabilites 158200

SMART TOUCH LEARMIMG cash flow statement for the period ending December 31, 2016 cash flow fom operating Activities & Receipt I Recept from service Revenue of 5000 payments : office Rort paid I(1700) employees salaries pald 111300 Chlithes paid (80) Met cash provided from operating Activity 3/20 cash from Investing activities purchase of land (20,(0 ) Met can provided bom Inyesting Active (20,100) cash ham financing Activities Dividend paid I (2300) Issue of common stock 7800 Met cash provided hom Financing Activity ssoo Met Increase in cash (-) 11480 cash balance, pecomber, 2016 1 8 Soo cash barana, December 31, 2016 1 7020 0