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Vanguard Services had the following adjusted trial balance at December 31, 2018. VANGUARD SERVICES Adjusted Trial...

Vanguard Services had the following adjusted trial balance at December 31, 2018.

VANGUARD SERVICES

Adjusted Trial Balance

For the year ended December 31, 2018

Account titles

Debits

Credits

Cash

$ 10,800

Interest Expense

900

Accounts Receivable

4,800

Equipment

60,900

Tax Expense

            1,000

Accounts Payable

$ 4,400

Accumulated Depreciation

7,400

Vanguard’s Capital

35,000

Rent Expense

            5,000

Drawing

16,000

Salaries Expense

10,700

Prepaid rent

4,000

Service Revenue

65,000

Unearned Rent Revenue

8,300

Depreciation Expense

4,000

Supplies

4,000

Supplies Expense

200

Utilities Expense

8,000

Loan Payable (2 years loan)

10,200

$130,300

$130,300

Required: On the basis of above trial balance prepare following statements.

  1. .    Comprehensive Income statement.
  2.     Statement of Owner’s equity.
  3.      Classified Balance sheet as per IFRS.

           d.    Post-closing Trial balance                                                                    

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Expert Solution

ekkarill92 answered 1 year ago
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