Using the adjusted trial balance data below created from Problem 2, prepare an Income Statement, Statement of Stockholders' Equity, and Balance Sheet Grant Corporation Adjusted Trial Balance December 31, 2020 Account Debit Credit Cash 3,450 Accounts Receivable 16,900 Supplies 430 Prepaid Rent 12,100 Land 21,700 Equipment 22,210 Accum. Deprec. - Equip. - Accounts Payable 1,940 Salaries Payable 250 Unearned Revenue - Common Stock 38,000 Retained Earnings 12,000 Dividends 2,900 Service Revenue 10,750 Rent Expense - Salaries Expense 2,410 Advertising Expense 730 Depreciation Expense - Supplies Expense - Total 82,830 62,940 Grant Corporation Income Statement For the Period Ended December 31, 2020 Revenues: Total Revenues Expenses: Total Expenses Net income (loss) Grant Corporation Statement of Stockholders' Equity December 31, 2020 Common Retained Stock Earnings Total Grant Corporation Balance Sheet December 31, 2020 Assets Current Assets Total Current Assets Property, Plant, and Equipment Total Property, Plant, and Equipment Total Assets Liabilities Current Liabilities Total Current Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity
Using the adjusted trial balance data below created from Problem 2, prepare an Income Statement, Statement of Stockholders' Equity, and Balance Sheet Grant Corporation Adjusted Trial Balance December 31, 2020 Account Debit Credit Cash 3,450 Accounts Receivable 16,900 Supplies 430 Prepaid Rent 12,100 Land 21,700 Equipment 22,210 Accum. Deprec. - Equip. - Accounts Payable 1,940 Salaries Payable 250 Unearned Revenue - Common Stock 38,000 Retained Earnings 12,000 Dividends 2,900 Service Revenue 10,750 Rent Expense - Salaries Expense 2,410 Advertising Expense 730 Depreciation Expense - Supplies Expense - Total 82,830 62,940 Grant Corporation Income Statement For the Period Ended December 31, 2020 Revenues: Total Revenues Expenses: Total Expenses Net income (loss) Grant Corporation Statement of Stockholders' Equity December 31, 2020 Common Retained Stock Earnings Total Grant Corporation Balance Sheet December 31, 2020 Assets Current Assets Total Current Assets Property, Plant, and Equipment Total Property, Plant, and Equipment Total Assets Liabilities Current Liabilities Total Current Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 7E: Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December...
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Using the adjusted |
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Grant Corporation | ||||||||
Adjusted Trial Balance | ||||||||
December 31, 2020 | ||||||||
Account | Debit | Credit | ||||||
Cash | 3,450 | |||||||
Accounts Receivable | 16,900 | |||||||
Supplies | 430 | |||||||
Prepaid Rent | 12,100 | |||||||
Land | 21,700 | |||||||
Equipment | 22,210 | |||||||
Accum. Deprec. - Equip. | - | |||||||
Accounts Payable | 1,940 | |||||||
Salaries Payable | 250 | |||||||
Unearned Revenue | - | |||||||
Common Stock | 38,000 | |||||||
Retained Earnings | 12,000 | |||||||
Dividends | 2,900 | |||||||
Service Revenue | 10,750 | |||||||
Rent Expense | - | |||||||
Salaries Expense | 2,410 | |||||||
Advertising Expense | 730 | |||||||
Depreciation Expense | - | |||||||
Supplies Expense | - | |||||||
Total | 82,830 | 62,940 | ||||||
Grant Corporation | |||||||||
Income Statement | |||||||||
For the Period Ended December 31, 2020 | |||||||||
Revenues: | |||||||||
Total Revenues | |||||||||
Expenses: | |||||||||
Total Expenses | |||||||||
Net income (loss) | |||||||||
Grant Corporation | |||||||||
Statement of Stockholders' Equity | |||||||||
December 31, 2020 | |||||||||
Common | Retained | ||||||||
Stock | Earnings | Total | |||||||
Grant Corporation | |||||||||
Balance Sheet | |||||||||
December 31, 2020 | |||||||||
Assets | |||||||||
Current Assets | |||||||||
Total Current Assets | |||||||||
Property, Plant, and Equipment | |||||||||
Total Property, Plant, and Equipment | |||||||||
Total Assets | |||||||||
Liabilities | |||||||||
Current Liabilities | |||||||||
Total Current Liabilities | |||||||||
Stockholders' Equity | |||||||||
Total Stockholders' Equity | |||||||||
Total Liabilities and Stockholders' Equity | |||||||||
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