
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Preparing financial statements from the
The trial balance as of July 31, 2018, for Sara Simon, Registered Dietician is presented below:
Requirements
- Prepare the income statement for the month ended July 31, 2018.
- Prepare the statement of
retained earnings for the month ended July 31, 2018. The beginning balance of retained earnings was $0. - Prepare the
balance sheet as of July 31, 2018. - Calculate the debt ratio as of July 31, 2018.

Transcribed Image Text:SARA SIMON REGISTERED DIETICIAN
Trial Balance
July 31, 2018
Balance
Account Title
Debit
Credit
Cash
$ 38,000
Accounts Receivable
9,000
Office Supplies
2,300
Prepaid Insurance
2,400
Equipment
16,000
Accounts Payable
$ 3,000
Unearned Revenue
3,912
Notes Payable
31,000
Common Stock
18,000
Dividends
2,800
Service Revenue
17,888
Salaries Expense
1,700
Rent Expense
1,100
Utilities Expense
500
Total
$ 73,800
$ 73,800
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