Question

BI U L- K L M C D E F G H I J 2) Prepare the Adjusted Trial Balance. Fill out lines with Account Names and fill in boxes with Dollar Numbers. Adjustments Dr. Cr. Adjusted Bal. Dr. Cr. 28,000 29,000/ 19,300 7.900 - Adjusted Trial Balance Unadjusted Bal. Dr. Cr. Cash 28,000 Accounts Receivable 29,000 Office supplies 27,000 Prepaid Insurance 13,000 Equipment 146,000 Accumulated Depreciation - Equipment 37,000 Trucks 81.000 Accumulated Depreciation - Trucks 40,000 Accounts Payable 54.000 Wages Payable Common Stock 58,000 Dividends 31.000 Retained Earnings 67,500 Service Revenue 200.000 Supplies Expense Insurance Expense Depreciation Expense - Equipment Depreciation Expense - Trucks Wages Expense 53,000 Truck Expense 14,500 Rent Expense 19,000 Beous Expense 15,000 456,500 456,500 13.100 / 50.100 81,000 11,200 51,200 54.000 9,900 9.900 58,000 31.000 67.500 200,000 19,300 7.900 13,100 11.200 62,900 14,500 19,0001 15,000 61.400 490,700 - 490,700 19,300 7.900 13,100 11.2001 9.990 61.400 3) Use the updated general ledger balances to prepare the following 2018 financial statements for VSU Accounting, Inc. Il proper order mutlines with Account Names and fill in boxes with Dollar Numbers 104

Answer 1

	INCOME STATEMENT
	Service Revenue		200,000
	Expenses:
	Supplies Expense	19,300
	Insurance Expense	7,900
	Depreciation-Equipment	13,100
	Depreciation-Truck	11,200
	Wage expense	62,900
	Truck expense	14,500
	Rent expense	19,000
	Miscelleneous expense	15,000
	Total expenses		162,900
	Net Income		37,100
	STATEMENT OF RETAINED EARNINGS
	Retained Earnings in the beginning of year	67,500
	Add:Net Income of the year	37,100
	Less: dividends	31,000
	Retained Earnings at the End of year	73,600
	BALANCE SHEET
	ASSETS:
	Cash	28,000
	Accounts Receivable	29,000
	Office Supplies	7,700
	Prepaid Insurance	5,100
	Equipment	146,000
	Accu. Depreciation-Equipment	(50,100)
	Trucks	81,000
	Accu. Depreciation-Trucks	(51,200)
	Total Assets	195,500
	LIABILITIES
	Accounts Payable	54,000
	Wages Payable	9,900
	Total Liabilities	63,900
	STOCKHOLDERS' EQUITY
	Common stock	58,000
	Retained Earnings	73,600
	Total Stockholders Equity	131,600
	Total Liabilities and Stockholders Equity	195,500	(63900+131600)
	The Operations are Profitable
	Net Income	67,500
	Stockholders Equity has grown
	Retained Earnings Increased