Assignment #2 solution - The adjusted trial balance of...

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The adjusted trial balance of Nicks Financial Planners appears below and using the information from the adjusted trial balance, you are to prepare for the month ending December 31: 1. an income statement; 2. a retained earnings statement; and 3. a balance sheet. NICKS FINANCIAL PLANNERS Adjusted Trial Balance December 31, 2011 ____________________________________________________________________________ Debit Credit Cash ..................................................................................................... $ 16,400 Accounts Receivable ............................................................................ 2,200 Office Supplies ..................................................................................... 1,800 Office Equipment .................................................................................. 15,500 Accumulated Depreciation—Office Equipment ..................................... $ 4,000 Accounts Payable ................................................................................ 3,000 Unearned Service Revenue ................................................................. 5,000 Common Stock ...................................................................................... 17,000 Retained Earnings ................................................................................ 7,400 Dividends ............................................................................................. 2,500 Service Revenue .................................................................................. 7,500 Office Supplies Expense ...................................................................... 1,100 Depreciation Expense .......................................................................... 2,500 Rent Expense ....................................................................................... 1,900 $43,900 $43,900 Solution 277 (20 min.) 1. NICKS FINANCIAL PLANNERS Income Statement For the Month Ended December 31, 2011 ____________________________________________________________________________ Revenues Service Revenue ......................................................................... $ 7,500 Expenses Depreciation Expense ................................................................. $2,500 Rent Expense .............................................................................. 1,900 Office Supplies Expense .............................................................. 1,100
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  • Spring '14
  • MarjorieAgosin
  • Balance Sheet, ........., Generally Accepted Accounting Principles, NICKS FINANCIAL PLANNERS

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