The following is the trial balance for Last Minute Services, Inc.: Last Minute S

Question

The following is the trial balance for Last Minute Services, Inc.:

Last Minute Services, Inc.
Trial Balance
For the Year Ended December 31, 201X

Prepare an Income Statement, Statement of Changes in Stockholders’ Equity and a Balance Sheet. (Assume that the company issued $60,760 of common stock on January 2, 201X. The business started on January 2, 201X)

Dr Cr Cash $70,250 Accounts Receivable 20,960 Office Equipment 45,000 Accumulated Depreciation 6,500 Accounts Payable 42,250 Common Stock 60,760 Dividends 4,500 Retained Earnings 00 Sales Revenue 87,000 Salary Expense 43,650 Operating Expense 12,150 196,510 196,510

Explanation / Answer

Income Statement Sales Revenue 87000 Less : Salary expense 43650 Less: operating expenses 12150 Less : Dividend 4500 Income for the current year 26700 Statement of Changes in Stockholders’ Equity common stock at beginning 0 Add : issued during year 60760 Add : profit for the year 26700 TOTAL 87460 Balance Sheet Liability Amount Asset Amount Common Stock 60,760 Cash $70,250 Accumulated Depreciation 6,500 Accounts Receivable 20,960 Accounts Payable 42,250 Office Equipment 45,000 Retained Earnings 26700 TOTAL $136,210 TOTAL $136,210

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