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Problem-
Given the adjusted trial balance below, prepare (in good form) an income statement, statement of retained earnings, and balance sheet. The name of the business is Palo Verde Landscaping Services and the accounting period coincides with the calendar year.
Palo Verde Landscaping Services
Adjusted Trial Balance
December 31, 20x5
Cash
$ 795
Accounts Receivable
1,800
Supplies
30
Prepaid Insurance
Office Equipment
3,000
Accumulated Depreciation-Office Equipment
$ 450
Accounts Payable
Salaries Payable
105
Common Stock
1,000
Retained Earnings
1,100
Service Revenue
3,300
Salaries Expense
1,680
Supplies Expense
120
Insurance Expense
150
Depreciation Expense-Office Equipment
______
$7,755
This problem relates to Basic Accounting and prepares (in good form) an income statement, statement of retained earnings, and balance sheet.
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