B-04.02 Problem - The operating data relate to the full...

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B-04.02 Reagan Sakai is in charge of financial management for Land Monitrix. Land Monitrix utilizes satellite technology and sophisticated mapping software to alert its customers to trespassing, illegal dumping, and other encroachments on property these customers own around the globe. Customers typically purchase one-year contracts for this service, and the pricing depends on the number and size of sites monitored. Mr. Sakai desires to review financial reports -- an income statement, statement of retained earnings, and balance sheet. Prepare these reports from the following adjusted trial balance. Mr. Sakai needs this information for internal review purposes, and does not require a classified balance sheet.
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Unformatted text preview: The operating data relate to the full year, and the blank worksheet already includes partial data. LAND MONITRIX CORPORATION Adjusted Trial Balance As of December 31, 20X5 Debits Credits Cash 834,221 $ $ - Accounts receivable 345,909-Prepaid expenses 45,787-Supplies 66,665-Satellite equipment 3,009,000-Accumulated depreciation-1,222,199 Accounts payable-544,190 Unearned revenues-455,000 Loan payable-1,000,000 Capital stock-560,000 Retained earnings, Jan. 1-228,892 Dividends 50,000-Revenues-2,373,402 Selling expenses 476,445-Interest expense 80,000-Salaries expense 677,667- Maintenance and supplies expense 222,989-Depreciation expense 575,000-6,383,683 $ 6,383,683 $...
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