8-10 (of 11 Exercise 3-16 Prepare financial statements from an adjusted trial ba

Question

8-10 (of 11 Exercise 3-16 Prepare financial statements from an adjusted trial balance (L03-5) The following information applies to the questions displayed below. The December 31. 2018 adjusted trial balance for Fightin' Blue Hens Corporetion is presented below $ 10,500 135,000 4,500 22,500 250,000 Prepaid Rent Equipment Depreclation $120.000 Accounts Payable Salaries Payable Interest Payable 10,500 9,500 25,000 150,000 45.000 350,000H Notes e (due in two years) Salarles Rent Expense 250,000 12,500 25,000 3,500 Interest Totals $ 713,500 $ 713,500

Explanation / Answer

1). Income Statement :-

2) Statement of Stockholder's Equity :-

3) Balance Sheet :-

Prarticulars Amount($) Amount($) Revenue :- Service Revenue 350000 Total Revenue 350000 350000 Expenses :- Salaries Expense 250000 Rent Expense 12500 Depreciation Expense 25000 Interest Expense 3500 Total Expenses 291000 291000 Net Income ($350000 - $291000) 59000

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