income statement, balance sheet and retained earnings
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PROBLEM A
The adjusted trial balance of Jacks Financial Planners appears below and using the information from the adjusted trial balance, you are to prepare for the month ending December 31:
1. an income statement;
2. a retained earnings statement; and
3. a balance sheet.
JACKS FINANCIAL PLANNERS
Adjusted Trial Balance
December 31, 2007
Debit Credit
Cash $ 17,400
Accounts Receivable 2,200
Office Supplies 1,800
Office Equipment 15,000
Accumulated Depreciation?Office Equipment $ 4,000
Accounts Payable 4,000
Unearned Service Revenue 5,000
Common Stock 17,000
Retained Earnings 7,400
Dividends 2,500
Service Revenue 6,500
Office Supplies Expense 600
Depreciation Expense 2,500
Rent Expense 1,900
$43,900 $43,900
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Solution Summary
The expert examines income statements, balance sheets and retained earnings for Jacks Financial Planners.
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Dear student,
** Solution to your posted problem is provided herewith in a separate excel file attached. **
Details are as under:
1 Income statement: Net income comes to $ 1500 after ...
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