Question

The following accounts are taken from Kijijo Riding Corp., a company that speciali lessons, as of December 31. Credits ces KIJIJO RIDING CORP. Unadjusted Trial Balance At December 31 Account Name Debits Cash $ 69,600 Accounts Receivable 5,200 Prepaid Insurance 5,000 Equipment 78,750 Land 26,550 Accounts Payable Deferred Revenue Notes Payable (long-term) Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense 4,800 Repairs and Maintenance Expense 830 Office Expenses 285 Totals $191,015 $ 32,600 2,100 66,000 5,000 51,815 33,500 $191,015 Required: < Prev 1 of 4 ! Ne

Answer 1

		Income Statement
		Particulars	Amount $
		Service revenue	33,500
		Expenses
		Salaries and wages expenses	4,800
		Repairs and maintenance expenses	830
		Office expenses	285
		Total Expenses	5,915
		Net Income for the current year	27,585
		Statement of retained earning
		Particulars	Amount $
		Opening balance	51,815
		Add:- Profit for the current year	27,585
		Closing balance of retained earning	79,400
		Classified Balance Sheet
		Assets		At December 31 $
		Current Assets
		Cash		69,600
		Accounts receivable		5,200
		Prepaid Insurance		5,000
		Total Current Assets		79,800
		Non Current Asset
		Fixed Asset
		Land		26,550
		Equipment		78,750
		Total non current assets		105,300
		Total Assets		185,100
		Liabilities
		Current Liabilities
		Accounts Payable		32,600
		Deferred revenue		2,100
		Total Current liabilities		34,700
		Non Current liabilities
		Notes Payable		66,000
		Total Non Current liabilities		66,000
		Total liabilities		100,700
		Shareholders Equity
		Common Stock		5,000
		Retained earning		79,400
		Total Shareholders Equity		84,400
		Total Liabilities and Shareholders Equity		185,100