(Question and Answer): Complete

Comeplete all parts
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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