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The following adjusted TRIAL Balance is given for ACAR Photography. ACAR Photography Adjusted TRIAL BALANCE Dec.,...

The following adjusted TRIAL Balance is given for ACAR Photography.

ACAR Photography Adjusted TRIAL BALANCE Dec., 31, 2018

Accounts Debit Credit

Cash 30.000

Accounts receivable 60.000

Supplies 15.000

Notes Receivable 6.400

Land 80.000

Building 320.000

Accumulated Depreciation- Building 42.000

Equipment 150.000

Accumulated Depreciation- Equipment 17.000

Accounts Payable 24.000

Salaries Payable 4.000

Unearned Service Revenue 50.000

Notes Payable 200.000

Capital, ACAR 24.580

Withdrawals 46.000

Service Revenue 578.000

Salaries Expense 122.000

Depreciation Expense 12.300

Supplies Expense 28.080

Rent Expense 28.000

Utilities Expense   41.800   

total 939.580 939.580

Requirement: prepare the following Financial Statements;

A. Income Statement for the period (50 points)

B. Balance Sheet at Dec.31, 2016 (50 points)

CAN YOU SOLVE PART A and B ?

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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