Answered Essay: Chrome File Edit View History Bookmarks People Window Help Chapter 3 Hw × v MMcGraw-Hill Connect ! ezto.mheducation.com/hm.tpx Book

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Chrome File Edit View History Bookmarks People Window Help Chapter 3 Hw × v MMcGraw-Hill Connect ! ezto.mheducation.com/hm.tpx Bookmarks M3-20 Preparing Financial Statements from a Trial Balance LO 3-1, LO 3-4 The folowing accounts are taken from Equiltbrium Riding. Inc. a company that specializes in occupational therapy and horseback riding lessons, as of December 31 EQUILIBRIUM RIDING, INC Unadjusted Trial Balance At December 31 t Name Debits Credits S 74,400 7,100 8,050 74,100 31,950 Cash Prepaid Insurance Land Accounts Payable Unearned Revenue Notes Payable (long-term) Common stock Retained Earnings Dividends Service Revenue Wages Expense Repairs and Maintenance Expense Office Expenses 33,250 1,550 67,000 5,000 68,355 27,000 440 765 Totals $202,155 $202,155 Required: 1. Using the unadjusted trial balance provided, create an Income Statement for Equilibrium Riding, Inc, for the year ended December 31. EQUILIBRIUM RIDING, INC. Income Statement
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Chrome File Edit View History Bookmarks People Window Help Chapter 3 Hw × v MMcGraw-Hill Connect ! ezto.mheducation.com/hm.tpx Bookmarks M3-20 Preparing Financial Statements from a Trial Balance LO 3-1, LO 3-4 The folowing accounts are taken from Equiltbrium Riding. Inc. a company that specializes in occupational therapy and horseback riding lessons, as of December 31 EQUILIBRIUM RIDING, INC Unadjusted Trial Balance At December 31 t Name Debits Credits S 74,400 7,100 8,050 74,100 31,950 Cash Prepaid Insurance Land Accounts Payable Unearned Revenue Notes Payable (long-term) Common stock Retained Earnings Dividends Service Revenue Wages Expense Repairs and Maintenance Expense Office Expenses 33,250 1,550 67,000 5,000 68,355 27,000 440 765 Totals $202,155 $202,155 Required: 1. Using the unadjusted trial balance provided, create an Income Statement for Equilibrium Riding, Inc, for the year ended December 31. EQUILIBRIUM RIDING, INC. Income Statement

Expert Answer

 

Equilibrium riding. INC.
Income Statement
For the year ended December 31
Revenues $27,000
Total Revenue $27,000
Expenses
Wages Expneses $5,350
Repair & Maintaince expenses $440
Office Expenses $765
Total Expenses $6,555
Net Income $20,445
Equilibrium riding. INC.
Statement of retained earning
For the year ended December 31
Retained Earning Jan-1 $68,355.00
Add: net Income $20,445.00
Less: Dividend $0.00
Retained Earning Dec-31 $88,800.00
Equilibrium riding. INC.
Balance Sheet
At December 31
Assets
Current Assets
Cash $74,400
Accounts Receivable $7,100
Prepaid Insurance $8,050
Total Current Assets $89,550
Equipment $74,100
land $31,950
Total Assets $195,600
Liabilities
Current Liabilities
Accounts Payable $33,250
Unearned Revenue $1,550
Total Current liabiities $34,800
Notes payable (long term Liabilities $67,000
Total Liabilities $101,800
Stock Holders Equity
Common Stock $5,000
Retained Earning $88,800
Total Stock Holders Equity $93,800
Total Liabilities and stock holders Equity $195,600
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