The following is the Bravo Unlimited adjusted Trail Balance. Bravo Unlimited Adj
ID: 2399443 • Letter: T
Question
The following is the Bravo Unlimited adjusted Trail Balance.
Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title
Debit
Credit
Cash
$88,450
Accounts Receivable
231,860
Supplies
17,255
Equipment
395,285
Accumulated Depreciation
$224,260
Accounts Payable
72,555
Capital Stock
220,000
Retained Earnings
111,145
Service Revenue
893,105
Interest Income
1,500
Dividends
2,000
Rent Expense
58,500
Wages Expense
527,260
Supplies Expense
42,520
Utilities Expense
8,595
Depreciation Expense
150,840
________
Totals
$1,522,565
$1,522,565
Use this information to prepare the Balance Sheet for the fiscal year. There are additional lines in the formatted Balance Sheet form to allow for authorized alternate presentations.
Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title
Debit
Credit
Cash
$88,450
Accounts Receivable
231,860
Supplies
17,255
Equipment
395,285
Accumulated Depreciation
$224,260
Accounts Payable
72,555
Capital Stock
220,000
Retained Earnings
111,145
Service Revenue
893,105
Interest Income
1,500
Dividends
2,000
Rent Expense
58,500
Wages Expense
527,260
Supplies Expense
42,520
Utilities Expense
8,595
Depreciation Expense
150,840
________
Totals
$1,522,565
$1,522,565
Explanation / Answer
Step 1: Calculate Net Income
The net income is calculated as below:
_____
Step 2: Prepare Balance Sheet
The balance sheet is prepared as below:
Bravo Unlimited Income Statement For the Year Ended 2016 Revenues: Service Revenue 893,105 Interest Income 1,500 Total Revenues 894,605 Less Expenses: Rent Expense 58,500 Wages Expense 527,260 Supplies Expense 42,520 Utilities Expense 8,595 Depreciation Expense 150,840 Total Expenses 787,715 Net Income $106,890Related Questions
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