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Using the adjusted trial balance listed below, prepare a single-step Income Statement and simple Balance Sheet for Smith Delights Bakery for the year ended December 31, 2011.
Smith Delights Bakery
Adjusted Trial Balance
December 31, 2011
Debit Credit
Cash 45,500
Accounts Receivable 4,500
Supplies 12,500
Furniture 15,000
Accumulated Depr - Furn 2,500
Equipment 45,000
Accumulated Depr - Equip 5,000
Accounts Payable 11,200
Notes Payable 45,000
Smith, Capital 75,000
Smith, Withdrawals 3,000
Service Revenue 56,500
Advertising Expense 6,200
Depreciation Expense 5,500
Rent Expense 18,000
Supplies Expense 7,500
Telephone Expense 3,000
Utilities Expense 8,000
Wages Expense 21,500
Totals 195,200 195,200
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