Preparing financial statements and closing procedures

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Reference no: EM131231631

Preparing Financial Statements and Closing Procedures

Solomon Corporation's adjusted trial balance for the year ending December 31, 2013, is:

Solomon Corporation Adjusted Trial Balance December 31, 2013
	Debit	Credit
Cash	$8,800
Accounts Receivable	14,300
Equipment	171,600
Accumulated Depreciation		$30,800
Notes Payable		22,000
Common Stock		94,600
Retained Earnings		27,720
Service Fees Earned		156,200
Rent Expense	39,600
Salaries Expense	81,620
Depreciation Expense	15,400
Totals	$331,320	$331,320

(a) Prepare its income statement and statement of stockholders' equity for the current year, and its balance sheet for the current year-end. Cash dividends were $17,600 and there were no stock issuances or repurchases.

For the income statement, enter credit balances as positive numbers and debit balances as negative balances.

Attachment:- Preparing-Financial-Statements-and-Closing-Procedures-.rar

Reference no: EM131231631

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