The adjusted trial balance for Larkspur, Inc. is given below Larkspur, Inc. Trial Balance August 31, 2020 Cash Accounts…

The adjusted trial balance for Larkspur, Inc. is given below Larkspur, Inc. Trial Balance August 31, 2020 Cash Accounts…

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The adjusted trial balance for Larkspur, Inc. is given below Larkspur, Inc. Trial Balance August 31, 2020 Cash Accounts…
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The adjusted trial balance for Larkspur, Inc. is given below
Larkspur, Inc.
Trial Balance
August 31, 2020
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation-Equipment
Accounts Payable
Salaries and Wages Payable
Unearned Rent Revenue
Common Stock
Retained Earnings
Before
Adjustment
Dr.
$10,400
8,900
2,400
3,800
12.700
Cr.
$3,700
5.900
0
1.600
10,500
3.600
After
Adjustment
Dr.
$10,400
9.500
600
2,700
12,700
Cr.
$4,500
5,900
1,400
600
10,500
3,600 Service Revenue
Rent Revenue
Salaries and Wages Expense
Supplies Expense
Rent Expense
Insurance Expense
Depreciation Expense
16,900
Prepare the income statement for the year.
0
15,200
0
0
$70,300
34,000
11,000
$70,300
18,300
1,800
15,200
1,100
800
$73,100
34,600
12,000
$73,100 Prepare the retained earnings statement for the year. Prepare the balance sheet at August 31. (List Assets in order of liquidity)

Expert Answer:

Answer rating: 100% (QA)

To prepare the income statement for the year we need to calculate the total revenue and expenses Income Statement for the Year Service Revenue 34 600
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