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Prepare Financial Statements

Prepare Financial Statements - (Prepare Financial...

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(Prepare Financial Statements) Flynn Design Agency was founded by Kevin Flynn in January 2006. Presented below is the adjusted trial balance as of December 31, 2010. Cash Accounts Receivable Art Supplies Prepaid Insurance Printing Equipment Accumulated Depreciation Accounts Payable Interest Payable Notes Payable Unearned Advertising Revenue Salaries Payable Common Stock Retained Earnings Advertising Revenue Salaries Expense Insurance Expense Interest Expense Depreciation Expense Art Supplies Expense Rent Expense Correct. Prepare an income statement and a statement of retained earnings for the year ending December 31, 2010, and an unclassified balance sheet at December 31. (In the Income Statement list multiple items in order from largest to smallest amount, e.g. 15, 11, 9. In the Balance Sheet, list Assets in order of liquidity and
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Liabilities with Notes payable first and the other items from largest to smallest amount, e.g 15, 11, 9.) For the Year Ended December 31, 2010 Revenues Advertising revenue Expenses
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