Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. UNADJUSTED Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation. Accounts payable Wages payable Income taxes payable Common stock (6,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals Debit 15 12 7 74 22 13 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $4. b. Wages payable, $6. c. Depreciation expense for the current year, $8. d. Income tax expense, $9. Credit 6 54 68 136 Required: 1. Using the adjusted balances, prepare an income statement for the current year. 2. Using the adjusted balances, prepare statement of stockholders' equity for the current year. The balance in retained earnings represents dividends that were declared and paid in the current year. 3. Using the adjusted balances, prepare balance sheet for the current year.

Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. UNADJUSTED Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation. Accounts payable Wages payable Income taxes payable Common stock (6,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals Debit 15 12 7 74 22 13 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $4. b. Wages payable, $6. c. Depreciation expense for the current year, $8. d. Income tax expense, $9. Credit 6 54 68 136 Required: 1. Using the adjusted balances, prepare an income statement for the current year. 2. Using the adjusted balances, prepare statement of stockholders' equity for the current year. The balance in retained earnings represents dividends that were declared and paid in the current year. 3. Using the adjusted balances, prepare balance sheet for the current year.

Name: Do not give image format Green Valley Company prepared the following t
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Description: Do not give image format Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplifythe case, the amounts given are in thousands of dollars.Account TitlesCashAccounts receivable

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 44P

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