| The following trial balance has been adjusted as of December 31, 20XX |
| | Debits | Credits |
| Cash | $ 20,430 | $ - |
| Accounts Receivable | 5,900 | - |
| Supplies Inventory | 4,320 | - |
| Prepaid Rent | 24,000 | - |
| Equipment | 80,000 | - |
| Accumulated Depreciation | - | 1,100 |
| Accounts Payable | - | 5,200 |
| Utilities Payable | - | 3,964 |
| Unearned Revenue | - | 1,000 |
| Interest Payable | - | 150 |
| Notes Payable | - | 20,000 |
| Common Stock | - | 100,000 |
| Service Revenue | - | 85,600 |
| Wages Expense | 38,200 | - |
| Supplies Expense | 18,480 | - |
| Rent Expense | 12,000 | - |
| Miscellaneous Expense | 3,470 | - |
| Electricity Expense | 2,470 | - |
| Telephone Expense | 1,494 | - |
| Depreciation Expense | 1,100 | - |
| Interest Expense | 150 | - |
| Dividend | 5,000 | - |
| Total | $ 217,014 | $ 217,014 |
| Instructions | | | Points |
| (1) Prepare an Income Statement | | | 25 |
| (2) Prepare a Statement of Retained Earnings | | | 25 |
| (3) Prepare a Balance Sheet | | | 25 |
| (4) Explain how the three statements interrelate and what the |
| statements indicate about the financial health of the company | | | 25 |
| | | Total Points | 100 |
beammmmmm
exam_1.xlsx
