Financial Statements for Panaka Company
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I can't seem to get this to balance properly and I don't know what I'm leaving out. Please HELP! I don't have much instruction from my teacher and I feel like I'm teaching this stuff to myself. Although I'm catching on to it a little better, there are still some things that I get confused on. Thanks!
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Solution Summary
The solution explains the preparation of closing entries, the trial balance and the preparation of financial statements for Panaka Company
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The details are in the attached file. All the workings are self-explanatory.
(a) PANAKA COMPANY
Income Statement
For the Year Ended December 31, 2002
Revenues
Service revenue $44,000
Expenses
Salaries expense $36,000
Utilities expense 3,700
Repair expense 3,200
Depreciation expense 2,800
Insurance expense 1,200
Total expenses 46,900
Net loss $ (2,900 )
PANAKA COMPANY
Retained Earnings Statement
For the Year Ended December 31, 2002
Retained Earnings, January 1 $14,000
Less: Net loss $2,900
Dividends 7,200 10,100
Retained Earnings, December 31 $ 3,900
PANAKA COMPANY
Balance Sheet
December 31, 2002
Assets
Current ...
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