Question

Question 7 View Policies Current Attempt in Progress The adjusted trial balance for Carla Vista Co. is given below: CARLA VISTA CO. Trial Balance August 31, 2022 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. Cash $10,460 $10,460 Accounts Receivable 9,120 9.630 Supplies 1.960 2,990 4.200 Prepaid Insurance 2.750 Equipment 15,800 15,800 Accumulated Depreciation Equipment $4.755 $3.555 5.420 Accounts Payable 5.420 Salaries and Wages Payable 0 1,390 Unearned Rent Revenue 2.140 1.380 Common Stock 17,500 17.500 Retained Earnings 5,380 5,380 Dividends 2,730 2.730 Service Revenue 35,090 34,580 12.070 12.830 Rent Revenue Salaries and Wages Expense Supplies Expense 16,670 18.060 0 1.030 Rent Expense 18,675 18.675 Insurance Expense 1.450 Depreciation Expense 1.200 $83.745 $83,745 $80,645 $80,645 Prepare the income statement for the year ended August 31.

Answer 1

35,090 12,830 47,920 Carla Vista Co. Income Statement For the Year Ended August 31, 2022 Revenues Service Revenue Rent Revenue Total Revenues Expenses Salaries and Wages expense Supplies expense Rent expense Insurance expense Depreciation expense Total Expenses Net Income 18,060 1,030 18,675 1,450 1,200 40,415 7,505 Statement of Retained Earnings For the Year Ended August 31, 2022 Retained Earnings, Sep 1, 2021 Add: Net Income 5,380 7,505 12,885 (2,730) 10,155 Less: Dividends Retained Earnings, Aug 31, 2022

Carla Vista Co. Balance Sheet As of August 31, 2022 Assets Current Assets Cash Accounts Receivable Supplies Prepaid Insurance Total Current Assets 10,460 9,630 1,960 2,750 24,800 Property, Plant & Equipment Equipment Accumulated Depreciation- Equipment Total Property, Plant & Equipment Total Assets 15,800 (4,755) 11,045 35,845 Liabilities & Stockholders Equity Current Liabilities Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Total Current Liabilities 5,420 1,390 1,380 8,190 Stockholders Equity Common Stock Retained earnings Total Stockholders Equity Total Liabilities & Stockholders Equity 17,500 10,155 27,655 35,845