7Prepare a balance sheet from the adjusted trial balance below.
Deavours Photography
Adjusted Trial Balance
December 31, 2012
AccountsDebitCredit
Cash$2,000
Prepaid insurance2,000
Office supplies600
Office equipment16,000
Accumulated depreciation$3,000
Accounts payable5,000
Salaries payable900
Unearned service revenue2,500
Common stock5,000
Retained earnings2,450
Dividends paid5,600
Service revenue15,350
Salaries expense4,600
Depreciation expense1,000
Supplies expense400
Insurance expense2,000
Totals$34,200$34,200
AssetsLiabilities
Cash$2,000 Accounts payable$5,000
Prepaid insurance2,000 Salaries payable900
Office supplies600 Unearned service revenue 2,500
Office equipment$16,000 Total liabilities$8,400
Less: Accumulated
depreciation
3,000
13,000
8Below is the adjusted trial balance for Parsons Repair Service. Please prepare the income statement for the year ended December 31, 2012.
Parsons Repair Service
Adjusted Trial Balance
December 31, 2012
AccountsDebitCredit
Cash$1,600
Accounts receivable2,400
Prepaid rent800
Supplies200
Building14,000
Accumulated depreciation$2,000
Accounts payable4,200
Salary payable1,000
Unearned revenue800
Common stock1,000
Retained earnings5,000
Dividends1,000
Service revenue50,000
Salary expense21,000
Rent expense14,000
Depreciation expense8,500
Supplies expense500
Total$64,000$64,000
9Below is the adjusted trial balance for Parsons Repair Service. Please prepare the statement of retained earnings for the year ended December 31, 2012.
Parsons Repair Service
Adjusted Trial Balance
December 31, 2012
AccountsDebitCredit
Cash$1,600
Accounts receivable2,400
Prepaid rent800
Supplies200
Building14,000
Accumulated depreciation$2,000
Accounts payable4,200
Salary payable1,000
Unearned revenue800
Common stock1,000
Retained earnings5,000
Dividends1,000
Service revenue50,000
Salary expense21,000
Rent expense14,000
Depreciation expense8,500
Supplies expense500
Total$64,000$64,000