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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Definitions:

Enrichment

The process of increasing the proportion of a desired material or isotope in a mixture.

Nuclear Material

Substances that emit radiation, used in energy production, medicine, and atomic weapons.

Depleted Uranium

Depleted uranium is uranium mainly consisting of the isotope uranium-238, having a lower content of uranium-235 than natural uranium, commonly used in military applications and for counterweights.

Uranium Isotope

Variants of the uranium atom with the same number of protons but differing numbers of neutrons, including uranium-235 and uranium-238, significant in nuclear power and weaponry.