Problem 5.7 - Student Name: Class: McGraw-Hill/Irwin...

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Student Name: Class: McGraw-Hill/Irwin Problem 05-03 MYSTIC MASTERS, INC. Income Statement for the year ended December 31, 2007 Revenue: Client revenue earned Expenses: Insurance expense Office rent expense Supplies expense Salary expense Office and telephone expense Internet service expense Legal expense Interest expense Miscellaneous expense Net income (loss) MYSTIC MASTERS, INC. Statement of Retained Earnings for the year ended December 31, 2007 Retained earnings (1/1/07) Less: Net income (loss) Retained earnings (deficit) (12/31/07) MYSTIC MASTERS, INC. Balance Sheet December 31, 2007 Assets Cash Accounts receivable Unexpired insurance Prepaid rent Supplies Less: TOTAL ASSETS Liabilities Accounts payable Notes payable Salaries payable Interest payable Unearned client revenue TOTAL LIABILITIES Stockholders' Equity Capital stock Retained deficit TOTALS STOCKHOLDERS' EQUITY (DEFICIT) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY MYSTIC MASTERS, INC. General Journal
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Student Name: Class: McGraw-Hill/Irwin Problem 05-03 2007 Account Titles Debit Credit Dec. 31 Client Revenue Earned Income Summary - Dec. 31 Income Summary Insurance Expense Office Rent Expense Supplies Expense Salary Expense Office and Telephone Expense Internet Service Expense Legal Expense Interest Expense Miscellaneous Expense Dec. 31 Retained Earnings Income Summary No dividends were declared in 2007 MYSTIC MASTERS, INC. After-Closing Trial Balance
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Problem 5.7 - Student Name: Class: McGraw-Hill/Irwin...

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