The following accounts are taken from Equilibrium Riding, Incorporated, a company that specializes in occupational therapy and horseback riding lessons, as of December 31. Account Name Cash EQUILIBRIUM RIDING, INCORPORATED Unadjusted Trial Balance At December 31 Accounts Receivable Prepaid Insurance Equipment Land Accounts Payable Deferred Revenue Notes Payable (long-term) Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Repairs and Maintenance Expense Office Expense Totals Debits $ 68,550 5,850 5,100 75, 150 34, 200 0 4,350 780 755 $ 194,735 Credits $ 32,500 2,700 75,000 5,000 47, 535 32,000 $ 194,735 Required: 1. Using the unadjusted trial balance provided, create an Income Statement for Equilibrium Riding, Incorporated, for the year ended December 31. 2. Using the unadjusted trial balance provided, create a Statement of Retained Earnings for Equilibrium Riding, Incorporated, for the year ended December 31. If there are no dividends, include a line that reports Dividends of zero. 3. Using the unadjusted trial balance provided, create a classified Balance Sheet for Equilibrium Riding, Incorporated, for the year ended December 31.
The following accounts are taken from Equilibrium Riding, Incorporated, a company that specializes in occupational therapy and horseback riding lessons, as of December 31. Account Name Cash EQUILIBRIUM RIDING, INCORPORATED Unadjusted Trial Balance At December 31 Accounts Receivable Prepaid Insurance Equipment Land Accounts Payable Deferred Revenue Notes Payable (long-term) Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Repairs and Maintenance Expense Office Expense Totals Debits $ 68,550 5,850 5,100 75, 150 34, 200 0 4,350 780 755 $ 194,735 Credits $ 32,500 2,700 75,000 5,000 47, 535 32,000 $ 194,735 Required: 1. Using the unadjusted trial balance provided, create an Income Statement for Equilibrium Riding, Incorporated, for the year ended December 31. 2. Using the unadjusted trial balance provided, create a Statement of Retained Earnings for Equilibrium Riding, Incorporated, for the year ended December 31. If there are no dividends, include a line that reports Dividends of zero. 3. Using the unadjusted trial balance provided, create a classified Balance Sheet for Equilibrium Riding, Incorporated, for the year ended December 31.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries
Section21.1: Accruals
Problem 1WT
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