Given the adjusted trial balance below, prepare (in good form) an income stateme

Question

Given the adjusted trial balance below, prepare (in good form) an income statement, statement of owner's equity, and balance sheet. The name of the business is Duncore Secretarial Service and the accounting period coincides with the calendar year. 7. Duncore Secretarial Service Adjusted Trial Balance December 31, 20x7 Cash $ 265 Accounts Receivable Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment Accounts Payable 1,000 S 150 600 Salaries Payable Marina Duncore, Capital Service Revenue Salaries Expense Supplies Expense Insurance Expense Depreciation Expense-Office Equipment .585 $2,585

Explanation / Answer

Income statement :

Statement of owner's equity:

Balance sheet :

Revenue service revenue 1100 Expenses Salaries expenses (560) Supplies expenses (40) Insurance expenses (50) Depreciation expenses-rent expenses (50) (700) Net income 400

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