Question

How do I create the financial statements such as the income statement, statement of owners equity, and a balance sheet from the adjusted trial balance ?

skylor cook Account Name BIO Raider Adventure Park Adjuscd 10 Balano Debt Credit sash sign Equipment dvertising expanse ACTIVIU counts ACCOUNT 100 $8810 31000 Noinapinski, capital 10000 for pubic 2100 1050 250 5050 165 fuld Insurance 495 appucs Tapon 208 Accounts payable 120 2560 JCKEL Revenue nowing cponce WOOos Aponso 700 Milannel withdraws 360 Vhcarncd rovanie Thuresi Ourenses 100 Intcrcst payapic Supplies dopreaction exponses nacumulace Dipicaat on Equipment Acumuidhic Depreciation on Acumuidied Doprccidt on your courses wagos panjabio Total $ 20,743 100 150 $20,743

Answer 1

2,565 8,810 495 665 132 10,102 Blue Raider Adventure Park Income Statement Ticket revenue 2,565 Less: Operating expense Advertising expense 250 Insurance expense 165 Supplies expense 288 Mowing expense 60 wages expense 530 Depreciation expense 148 Total operating expense Operating income Less: Interest expense Net income $ Blue Raider Adventure Park Balance Sheet Cash Prepaid insurance Accounts receivable Supplies Current assets Equipment 2,100 Less: Accum. Depr 36 Sign 650 Less: Accum. Depr Activity courses 5,650 Less: Accum. Depr 100 Fixed assets Total assets 2,064 12 638 1,441 1,124 100 1,024 5,550 8,252 18,354 Accounts payable Unearned revenue 420 360 Blue Raider Adventure Park Statement of Owners' Equity Retained Capital earnings Balance 7,000 1,024 Less: Withdrawals 700 $ 6,300 $ 1,024 Interest payable Wages payable Current liabilities Notes payable Non-current liabilities Capital Retained earnings Owners' equity Total liabilities and owners' equity 100 150 1,030 10,000 10,000 6,300 1,024 7,324 18,354 $

Explanation: Income Statement: All revenue expense deducted from revenue income to obtain the net income. Balance Sheet: All long term or capital expense goes to fixed asset. Short term asset goes to current asset. Short term obligations or amount owed goes to current liabilities. Long term obligations goes to non-current liabilities. Net Income and Capital are owners' equity. The total on both side of the balance sheet is equal. Please give likes for the hard work.