which statement reports the company rsquo s financial position 642903

Preparing financial statements from an adjusted trial balance The adjusted trial balance of A Plus Events Piano Tuning Service, Inc., at fiscal yearend October 31, 2012, follows.

A PLUS EVENTS PIANO TUNING SERVICE, INC.

Adjusted Trial Balance

October 31, 2012

 

Balance

Account Title

Debit

Credit

Cash

$ 12,300

 

Accounts receivable

10,700

 

Supplies

1,800

 

Equipment

25,800

 

Accumulated depreciation

 

$ 12,300

Accounts payable

 

3,300

Unearned service revenue

 

4,600

Salary payable

 

700

Note payable

 

15,000

Common stock

 

1,700

Retained earnings

 

7,300

Dividends

36,000

 

Service revenue

 

66,000

Depreciation expense

5,500

 

Salary expense

9,600

 

Utilities expense

4,100

 

Insurance expense

3,700

 

Supplies expense

1,400

 

Total

$110,900

$110,900

Requirements

1. Prepare A Plus’s 2012 income statement.

2. Prepare the statement of retained earnings for the year.

3. Prepare the year end balance sheet.

4. Which financial statement reports A Plus’s results of operations? Were 2012 operations successful? Cite specifics from the financial statements to support your evaluation.

5. Which statement reports the company’s financial position?