Based on the Following Trial Balance for Sally's Salon, Inc

question 65

Essay

Based on the following trial balance for Sally's Salon, Inc, prepare an income statement, statement of retained earnings, and a balance sheet. Sally Crawford made no additional investments in the company during the year.
Sally's Salon, Inc.
Trial Balance
December 31 $\begin{array}{llcc} \text {Cash. } &\$7,500\\ \text { Accounts receivable.} &475\\ \text { Beauty supplies } &2,500\\\text { Beauty shop equipment } &17,000\\ \text { Accounts payable } &&\$745\\ \text { Common stock } &&1,000\\ \text {Retained earnings } &&21,155\\ \text {Dividends } &&63,000\\ \text {Revenue eatned. } &&72,000\\ \text { Beauty supplies expense } &3,425\\ \text { Rent expense.} &6,000\\ \text {Wages expense. } &\underline{22,000}&\underline{\quad\quad}\\ \text { Totals.} &\underline{\$94,900}&\underline{\$94,900}\\\end{array}$

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