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?