Question

how do i switch my adjusted trial balance sheet to financial statements (income statement, statement of stockholders equity, and classified balance sheet) and how do i do the retained earnings of this account?

А C D E F B Adjusted Trial Balance WN 4 Credit Debit $ 10,100 $ 2,800 $ 90 $ 550 $ 3,600 $ $ $ $ 60 130 480 10,500 5 6 Cash 7 Accounts Receivables 8 Supplies 9 Prepaid Insurance 10 Equipment 11 Accumulated Depreciation 12 Accounts Payable 13 Wages Payable 14 Common Stock 15 Retained Earnings 16 Dividends 17 Service Revenue 18 Rent Expense 19 Wages Expense 20 Insurance Expense 21 Supplies Expense 22 Depreciation Expense 23 Totals 24 25 $ $ 12,400 $ $ $ $ $ $ 200 $ 950 4,960 50 210 60 23,570 $ 23,570 26 27 28

Answer 1

12,400 12,400 Income Statement XXX Ltd Statement of Income for the Year Ended Revenue Service Revenue $ Total Revenue $ Expenses Rent Expense $ 950 Wages Expense $ 4,960 Insurance Expense $ 50 Supplies Expense $ 210 Depreciation Expense $ Total Expenses Balance Sheet XXX Ltd Balance Sheet as at Assets Current Assets Cash $ Accounts receivable S Supplies S Prepaid Insurance $ Total Current Assets Non-Current Assets Equipment $ Less: Accumulated Depre. S Total Non-Current Assets 10,100 2,800 90 550 $ 13,540 60 3,600 -60 6,230 $ 3,540 Net Income 6,170 $ 17,080 Total Assets Liabilities and Stockholder's Equity Current Liabilities Accounts Payable $ 130 Wages Payable $ 480 Total Current Liabilities $ 610 Statement of Retained Earnings XXX Ltd Statement of Retained Earnings For the Year Ended Beginning Balance $ Add: Net Income Sub total $ Less: Dividends Ending balance $ Total Liabilities 610 6,170 6,170 -200 5,970 Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity $ $ $ 10,500 5,970 16,470 Total Liabilities and Stockholder's Equity $ 17,080

Retained Earnings Total Shareholders' Equity Statement of Stockholders Equity Common Paid-in Capital Stock in excess of par value Common Stock $ 10,500 $ $ $ $ $ 10,500 $ $ Begining balance Net income Dividends Ending balance $ 6,170$ -200 $ 5,970 $ 10,500 6,170 -200 16,470

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