Project 4V: Prepare Simple Financial Statements From the following Company Z adjusted trial balance, prepare simple financial statements, a A. Company Z income Statement For the Year Ended December 31, 2020 DebitCredit Revenues Service revenue257,350 Expenses Insurance expense32,000 Salaries expense126,500 Miscellaneous expense56,900 Total expenses215,400 Net income41,950A.Income Statement B.Retained Earnings Statement C.Balance Sheet
B. Company Z Statement of Retained Earnings For the Year Ended December 31, 2020 DebitCredit Retained earnings, balance January 138,900 Net income41,950 Dividends36,000 Retained earnings balance December 3144,850 C. Company Z Balance Sheet December 31, 2020 DebitCredit Assets Cash54,650 Accounts receivable28,750 Prepaid insurance8,000 Land22,000 Total assets113,400 Liabilities Accounts payable14,300 Salaries payable4,250 Total liabilities18,550 Equity Common stock50,000 Retained earnings44,850 Total equity94,850
Total liabilities and equity113,400
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