206. Based on the following trial balance for Sally’s Salon, Inc, prepare an income statement, statement of retained earnings, and a balance sheet. Sally Crawford made no additional investments in the company during the year.Sally’s Salon, Inc.
Trial BalanceDecember 31
Cash.....................................
$ 7,500
Accounts receivable...........................
475
Beauty supplies..............................
2,500
Beauty shop equipment.........................
17,000
Accounts payable.............................
$ 745
Common stock..............................
1,000
Retained earnings
Dividends
36,000
21,155
Revenue earned..............................
72,000
Beauty supplies expense........................
3,425
Rent expense...............................
6,000
Wages expense..............................
22,000
Totals....................................
$ 94,900
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