Prepare an income statement

Assignment Help Accounting Basics

Reference no: EM13825027

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		30
	Office Equipment		3,000
	Accumulated Depreciation-Office Equipment				$ 450
	Accounts Payable				1,800
	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		150		______
		$7,755		$7,755

Additional information-

This problem relates to Basic Accounting and prepares (in good form) an income statement, statement of retained earnings, and balance sheet.

Reference no: EM13825027

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