From the following Company Y adjusted trial balance, prepare simple financial statements, as follows:

A. Income Statement

Adjusted Trial Balance
	Debit	Credit
Cash	$  32,000
Accounts receivable	17,300
Prepaid insurance	6,400
Land	10,000
Accounts payable		$  10,900
Salaries payable		6,000
Common stock		31,000
Retained earnings		4,200
Dividends	8,000
Service revenue		74,000
Insurance expense	5,600
Salaries expense	24,000
Miscellaneous expense	22,800
	126,100	126,100

Supplies were purchased on January 1, to be used throughout the year, in the amount of $8,500. On December 31, a physical count revealed that the remaining supplies totaled$1,200. There was no beginning of the year balance in the Supplies account. Based on the information provided:

B. Create journal entries for the December 31 adjustment needed to bring the balances to correct

From the following Company A adjusted trial balance, prepare simple financial statements, as follows:

A. Income Statement

Using the following Company X information, prepare a Retained Earnings Statement:

• Retained earnings balance January 1, 2019, $121,500
• Net income for year 2019,$145,800
• Dividends declared and paid for year 2019, $53,000

Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances).

Accounts payable                          $11,700
Accounts receivable                         17,100
Administrative expense                      54,800
Cash                                        44,800
Common stock                                30,000
Prepaid insurance                           16,000
Service revenue                             91,000

Adjustments needed:

Salaries due to administrative employees, but unpaid at period end,$2,000

Insurance still unexpired at end of the period, $12,000.

From the following Company B adjusted trial balance, prepare simple financial statements, as follows:

$$\begin{array}{c} \textbf{Adjusted Trial Balance} \end{array}$$

$$\begin{array}{lcc} &\textbf{Debit}&\textbf{Credit}\\[5pt] \text{Cash}&\text{\$\hspace{5pt}35,300}\\ \text{Accounts Receivable}&\text{\hspace{10pt}16,750}\\ \text{Supplies}&\text{\hspace{10pt}12,650}\\ \text{Accounts Payable}&&\text{\$\hspace{5pt}20,850}\\ \text{Tax Payable}&&\text{\hspace{15pt}3,000}\\ \text{Common Stock}&&\text{\hspace{10pt}30,000}\\ \text{Fee Earned Revenue}&&\text{\hspace{10pt}92,550}\\ \text{Operating Expense}&\underline{\text{\hspace{10pt}81,700}}&\underline{\text{\hspace{39pt}}}\\ &\underline{\underline{\text{\$\hspace{1pt}146,400}}}&\underline{\underline{\text{\$\hspace{1pt}146,400}}}\\ \end{array}$$

From the following Company Z adjusted trial balance, prepare simple financial statements, as follows:

C. Balance Sheet

Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Building and Equipment were recently purchased, so there is neither depreciation expense nor accumulated depreciation.

Accounts payable           $3,600
Accounts receivable          45,333
Building                    156,000
Cash                         50,480
Common stock                110,000
Dividends                    18,000
Equipment                    33,500
Fees earned revenue         225,430
Land                         18,000
Supplies expense              5,123
Notes payable                85,500
Retained earnings            60,606
Salaries expense            151,900
Supplies                      6,800

Adjustments needed:

• Physical count of supplies inventory remaining at end of period,$3,300
• Customer fees collected in advance (payments were recorded as Fees Earned), $18,500

From the following Company Z adjusted trial balance, prepare simple financial statements, as follows:

B. Retained Earnings Statement

The income statement format that shows important subtotals is referred to as

a. a subtotaled income statement

b. a single-step income statement

c. a multi-step income statement

d. a classified income statement

From the following Company Z adjusted trial balance, prepare simple financial statements, as follows:

A. Income Statement

Reviewing insurance policies revealed that a single policy was purchased on August 1, for one year’s coverage, in the amount of $6,000. There was no previous balance in the Prepaid Insurance account at that time. Based on the information provided:

A. Make the December 31 adjusting journal entry to bring the balances to correct.

Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances).

  Accounts payable                            $10,075
  Accounts receivable                          15,500
  Cash                                         64,575
  Common stock                                 31,000
  Fees earned revenue                          82,000
  Operating expense                            38,000
  Supplies                                      5,000

Adjustments needed:

• Physical count of supplies inventory remaining at end of period,$2,150
• Taxes payable at end of period, $3,850

From the following Company B adjusted trial balance, prepare simple financial statements, as follows:

C. Balance Sheet