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Chrome File Edit View History Bookmarks People Window Help Chapter 3 Hw McGraw-Hill Connect | E x 、D Previous Attempt View eztomheducation.com/hm.tpx?-=0.201 6784996986586-1 505 1881 55540 : Apps Bookmarks EQUILIBRIUM RIDING, INC Unadjusted Trial Balance At December 31 Account Name Debits Credits Cash Accounts Receivable Prepaid Insurance Equipment Land Accounts Payable Unearned Revenue Notes Payable (long-term) $ 74,400 7,100 8,050 74,100 31,950 33,250 1,550 67,000 5,000 68,355 Common stock Retained Eamings Dividends Service Revenue Wages Expense Repairs and Maintenance Expense Office Expenses 27,000 5,350 440 765 Totals $202,155 $202,155 Required: 1·Using the unadjusted trial balance provided create an income statement for Equilibrium Riding, Inc., for the year ended December 31 EQUILIBRIUM RIDING, INC. Income Statement For the Year Ended December 31 Revenues

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Chrome File Edit View History Bookmarks People Window Help Chapter 3 Hw McGraw-Hill Connect | E x 、D Previous Attempt View eztomheducation.com/hm.tpx?-=0.201 6784996986586-1 505 1881 55540 : Apps Bookmarks EQUILIBRIUM RIDING, INC Unadjusted Trial Balance At December 31 Account Name Debits Credits Cash Accounts Receivable Prepaid Insurance Equipment Land Accounts Payable Unearned Revenue Notes Payable (long-term) $ 74,400 7,100 8,050 74,100 31,950 33,250 1,550 67,000 5,000 68,355 Common stock Retained Eamings Dividends Service Revenue Wages Expense Repairs and Maintenance Expense Office Expenses 27,000 5,350 440 765 Totals $202,155 $202,155 Required: 1·Using the unadjusted trial balance provided create an income statement for Equilibrium Riding, Inc., for the year ended December 31 EQUILIBRIUM RIDING, INC. Income Statement For the Year Ended December 31 Revenues

Expert Answer


income statement
Revenues
Service revenue		27,000

total revenue		27,000
less :expenses
Wage expense	5,350
Repairs & maintenance expense	440
office expenses	765
total expense	6,555	6,555
Net income		20,445


Statement of retained earnings
Retained earnings ,Jan1		68,355
Add net income		20,445
less Dividends		0
retained earnings , dec 31		88,800



Balance sheet
Assets
Current assets
cash		74,400
Accounts receivable		7,100
prepaid insurance		8,050
total current assets		89,550
Equipment		74,100
land		31,950
total Assets		195,600

liabilities & Stockholder’s Equity
liabilities.
Current liabilities
Accounts payable		33,250
unearned revenue		1,550
total current liabilities		34,800
long term notes payable		67,000
total liabilities		101,800
Stockholder’s Equity
contributed capital		5,000
Retained Earnings		88,800
total Stockholder’s Equity		93,800
total liabilities & stockholders Equity		195,600

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