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Chapter 3 assignments and solutions-1

Chapter 3 assignments and solutions-1 - CHAPTER 3 HOMEWORK...

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CHAPTER 3 HOMEWORK - SOLUTIONS Ex. 3-127 The adjusted trial balance of Ryan Financial Planners appears below. Using the information from the adjusted trial balance, you are to prepare for the month ending December 31: 1. an income statement. 2. a statement of retained earnings. 3. a balance sheet. RYAN FINANCIAL PLANNERS Adjusted Trial Balance December 31, 2010 Debit Credit Cash ............................................................................................... $ 4,400 Accounts Receivable .......................................................................... 2,200 Office Supplies ................................................................................... 1,800 Office Equipment ............................................................................... 15,000 Accumulated Depreciation—Office Equipment ................................ $ 4,000 Accounts Payable ............................................................................... 3,800 Unearned Revenue ............................................................................. 5,000 Common Stock ................................................................................... 10,000 Retained Earnings .............................................................................. 4,400 Dividends .......................................................................................... 2,500 Service Revenue ................................................................................. 3,700 Office Supplies Expense .................................................................... 600 Depreciation Expense ........................................................................ 2,500 Rent Expense ..................................................................................... 1,900 ______ $30,900 $30,900
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Solution 3-127 1. RYAN FINANCIAL PLANNERS Income Statement For the Month Ended December 31, 2010 Revenues Service revenue ......................................................................... $ 3,700 Expenses Depreciation expense ................................................................... $2,500 Rent expense ............................................................................ 1,900 Office supplies expense ............................................................... 600 Total expenses ....................................................................... 5,000 Net loss ............................................................................................... $(1,300 ) 2. RYAN FINANCIAL PLANNERS Statement of Retained Earnings For the Month Ended December 31, 2010 Retained earnings, December 1 ...................................................... $ 4,400 Less: Net loss ..................................................................................... $1,300
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