Given the Adjusted Trial Balance Below,prepare (In Good Form)an Income

question 184

Essay

Given the adjusted trial balance below,prepare (in good form)an income statement,statement of retained earnings,and balance sheet.The name of the business is Duncore Secretarial Service and the accounting period coincides with the calendar year.
$\begin{array}{c}\text {Duncore Secretarial Service}\\\text {Adjusted Trial Balance}\\\text {December 31, 2010}\\\begin{array}{|l|r|r|} \hline \text { Cash } & \$ 565 \\\text { Accounts Receivable } & 600 \\\text { Supplies } & 10 \\\text { Prepaid Insurance } & 10 \\\text { Office Equipment } & 1,000\\\text { Accumulated Depreciation-Office Equipment }&&\$150 \\\text { Accounts Payable }&&600 \\\text { Salaries Payable }&&35 \\\text { Common Stock }&&500 \\\text { Retained Earnings } &&200\\\text { Service Revenue Earned }&&1,100\\\text { Salaries Expense } & 560 & \\\text { Supplies Expense } & 40 & \\\text { Insurance Expense } & 50 & \\\text { Depreciation Expense-Office Equipment } & 50 \\ & \$ 2.585 & \$ 2.585 \\ \hline \end{array}\end{array}$

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Definitions:

Ethics

The branch of philosophy dealing with morality, moral principles, and values governing human conduct.

Ethical Virtues

Moral qualities or characteristics deemed to be good or desirable in a person.

Short-Term Costs

Expenses or costs that are incurred over a relatively brief period, typically considered to be less than one year.

Long-Term Costs

Expenses or implications that occur over an extended period, often considered when making decisions that have lasting impacts.