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Debit Company ? Financial statements




1) The adjusted trial balance of Debit Company is shown below;Debit Company;Adjusted Trial Balance;December 31, 2012;Cash $6,500;Accounts receivable 8,000;Supplies 1,000;Prepaid Rent (3 months) 2,500;Equipment, net 42,000;Accounts payable $4,000;Salary payable 2,000;Unearned revenue (2 month advance) 2,000;Note payable ? long term 14,000;Common stock 10,000;Retained earnings 14,700;Dividends 4,000;Service revenue 75,000;Salary expense 40,000;Rent expense 10,000;Supplies expense 1,500;Depreciation expense 5,000;Utilities expense 1,200;Total $ 121,700 $121,700;Prepare Debit Company's income statement, statement of retained earnings and balance sheet for the year ended December 31, 2012. (10 points each, total 30 points)


Paper#79457 | Written in 18-Jul-2015

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