Question

Above is the question that needs to be answered, I will post useful information below to assist with the problem.

Prepare a classified Balance Sheet at December 31, 2019 for Cut the Green Stuff (the review problem from Chapter 2)

ADJ: Adjustments that need to be made

T Accounts WITH ADJ included

ADJ entires made

Summary of everything done

Trial Balance after ADJ entries as well

(All needed to answer the first question above)

Answer 1

Income statement

Landscaping service revenue		344,600
Expenses:
Supplies expense	22,350
Wages expenses	218,000
Rent expenses	14,600
Utilities exepnses	7,000
Total exepnses		261,950
Net income		82,650

Statement of Retained Earnings

Retained earnings openings balance	57,740
Add: Net Income	82,650
	140,390
Less: Dividends	2,600
Retained earnings closing balance	137,790

Balance sheet

Assets		Amount	equity and liabilities
Current assets			Current liabilities
Cash		45,200	Accounts Payable	1,350
Account Recievable		70,000	Deferred revenue	2,400
Supplies		6,740	Notes payable	24,000
Prepaid advertising		1,800	Total liabilities	27,750
Total current assets		123,740	stockholders equity
Non current assets			Common stock	38,000
Equipment	94,000		Retained earnings	137,790
Accumulated depreciation	14,200	79,800	Total stockholders equity	175,790
Total assets		203,540	Total liabilities and stockholders equity	203,540