Preparing Financial Statements
the Adjusted Trial Balance of Ryan Financial $\quad$

question 69

Essay

Preparing financial statements
The adjusted trial balance of Ryan Financial Planners appears below.
Instructions
Using the information from the adjusted trial balance, you are to prepare for the month ended December 31:
a) an income statement.
b) a retaired eamings statement.
c) a balence sheet.
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Ryan Financial Planners
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Adjusted Trial Balance
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ December 31, 2020

$\begin{array}{c}\begin{array}{lll}\\\text {Cash........................................................................}\\\text {Accounts Receivable................................................}\\\text {Supplies...................................................................}\\\text {Equipment................................................................}\\\text {Accumulated Depreciation-Equipment.....................}\\\text {Accounts Payable.....................................................}\\\text {Unearned Service Revenue.......................................}\\\text {Common Shares........................................................}\\\text {Retained Earnings.....................................................}\\\text {Dividends..................................................................}\\\text {Service Revenue.......................................................}\\\text {Supplies Expense....................................................}\\\text {Depreciation Expense.............................................}\\\text {Rent Expense.........................................................}\\\\\end{array}\begin{array}{r}\underline{\text { Debit } }\\\$2,900 \\2,200 \\1,800 \\16,000\\\\\\\\\\\\2,000 \\\\600 \\2,500 \\\underline{2,900 }\\\underline{\underline{\$ 30,900}} \\\end{array}\begin{array}{r}\underline{\text {Credit}}\\\\\\\\\\\$ 4,000 \\3,300 \\5,000 \\10,000 \\4,400 \\\\4,200\\\\\\\underline{\quad \quad}\\\underline{\underline{\$ 30,900}}\end{array}\end{array}$

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