Following is the adjusted trial balance of Post Company. Based on this informati
ID: 2371212 • Letter: F
Question
Following is the adjusted trial balance of Post Company. Based on this information prepare a Balance Sheet, Income Statement and Statement of Retained Earnings.
Debit Credit
Cash 80,000
Accounts Receivable 12,000
Prepaid Insurance 2,000
Equipment 4,000
Accumulated Depreciation 100
Supplies 400
Accounts Payable 800
Wages Payable 200
Unearned Revenue 1,200
Contributed Capital 82,400
Retained Earnings 0
Sales 16,000
Gas Expense 200
Supply Expense 400
Insurance Expense 400
Depreciation Expense 100
Wage Expense 200
Dividends 1,000
100,700 100,700
Explanation / Answer
Ans:- Income Statement
The income statement reports revenues, expenses, and the resulting net income. It is prepared by transferring the following ledger account balances, taking into account any adjusting entries that have been or will be made:
The retained earnings statement shows the retained earnings at the beginning and end of the accounting period. It is prepared using the following information:
The balance sheet reports the assets, liabilities, and shareholder equity of the company. It is constructed using the following information:
because of lack of time , plz u just read following PDF and u will be able to solve yourself
http://www.jsu.edu/ccba/fea/docs/financial_stament_review.pdf
if there is still any problem , you can ask me i'll reply
PLZ rate it