Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars.
UNADJUSTED | |||
Account Titles | Debit | Credit | |
Cash | 20 | ||
Accounts receivable | 13 | ||
Prepaid insurance | 8 | ||
Machinery | 85 | ||
Accumulated depreciation | |||
Accounts payable | 11 | ||
Wages payable | |||
Income taxes payable | |||
Common stock (4,000 shares) | 4 | ||
Additional paid-in capital | 67 | ||
Retained earnings | 6 | ||
Revenues (not detailed) | 82 | ||
Expenses (not detailed) | 32 | ||
Totals | 164 | 164 | |
Other data not yet recorded at December 31 include
Required:
1.Using the adjusted balances, prepare balance sheet for the current year.
2. Using the adjusted balances, give the closing entry for the current year.
3.Using the adjusted balances, prepare statement of stockholders’ equity for the current year. The balance in retained earnings represents dividends that were declared and paid in the current year.
4. Using the adjusted balances, prepare an income statement for the current year.
1.Balance sheet
2. Closing entries
3. Statement of stockholders equity
4. Income statement
Green Valley Company prepared the following trial balance at the end of its first year of...
Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. UNADJUSTED Debit Credit 34 31 26 93 27 Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (9,000 shares) Additional paid-in capital Retained earnings Revenues not detailed) Expenses (not detailed) Totals 9 73 25 141 41 250 250...
Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. UNADJUSTED Account Titles Debit Credit Cash 14 Accounts receivable 11 Prepaid insurance 6 Machinery 73 Accumulated depreciation Accounts payable 7 Wages payable Income taxes payable Common stock (5,000 shares) 5 Additional paid-in capital 53 Retained earnings 5 Revenues (not detailed) 65 Expenses (not detailed) 21 Totals 130 130...
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Green Valley Company prepared the following trial balance at the end of its first vear of operations! ending December 31. To simplify the case, the amounts given are in thousands of dollars. UNADJUSTED Debit Credit 20 13 Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (4,000 shares) Additional paid-in capital Retained earnings Revenues not detailed) Expenses (not detailed) Totals 64 Other data not yet...
Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. Account Titles UNADJUSTED Debit Credit Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (7,000 shares) Additional paid-in capital Retained earnings Revenues not detailed) Expenses (not detailed) Totals Other data not yet recorded at December 31 include a. Insurance expired...
Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. UNADJUSTED Account Titles Debit Credit Cash 12 Accounts receivable 9 Prepaid insurance 4 Machinery 71 Accumulated depreciation Accounts payable 5 Wages payable Income taxes payable Common stock (6,000 shares) 6 Additional paid-in capital 51 Retained earnings 3 Revenues (not detailed) 56 Expenses (not detailed) 19 Totals 118 118...
Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. UNADJUSTED Account Titles Debit Credit Cash 25 Accounts receivable 22 Prepaid insurance 17 Machinery 84 Accumulated depreciation Accounts payable 18 Wages payable Income taxes payable Common stock (3,000 shares) 3 Additional paid-in capital 64 Retained earnings 16 Revenues (not detailed) 111 Expenses (not detailed) 32 Totals 196 196...
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Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. UNADJUSTED Debit Credit 11 8 3 70 4 Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (3,000 shares) Additional paid-in capital Retained earnings Revenues not detailed) Expenses (not detailed) Totala 3 50 2 55 18 112...
Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable UNADJUSTED Debit Credit 20 17 12 79 13 Wages payable 5 59 Income taxes payable Common stock (5,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals 11 89 27 166 166...
E4-22 (Algo) Recording A Closing Entry L04-4 Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. UNADJUSTED Debit Credit 12 9 4 71 5 Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (6,000 shares) Additional paid-in capital Retained earnings Revenues not detailed) Expenses (not detailed) Totals...
E4-20 (Algo) Recording Four Adjusting Entries and Completing the Trial Balance Worksheet LO4-1 Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. UNADJUSTED Account Titles Debit Credit Cash 25 Accounts receivable 22 Prepaid insurance 17 Machinery 84 Accumulated depreciation Accounts payable 18 Wages payable Income taxes payable Common stock (3,000 shares) 3 Additional paid-in capital 64 Retained...