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Garden Wizards Adjusted Trial Balance December 31, 2024 Debits Credits Cash Accounts receivable Prepaid insurance $33,360.00 $5,160.00 $10,440.00 Prepaid rent $3,840.00 Supplies $1,680.00 Trucks $168,000.00 Accumulated depreciation: trucks $90,000.00 Equipment $33,600.00 Accumulated depreciation: equipment $16,800.00 Accounts payable $2,640.00 Notes payable $45,600.00 Salaries payable Interest payable Income taxes payable $1,080.00 $360.00 $2,040.00 Unearned service revenue $2,400.00 Capital stock $21,600.00 Retained earnings $25,200.00 Dividends $3,960.00 Service revenue earned $232,800.00 Insurance expense $2,160.00 Office rent expense $33,600.00 Supplies expense $6,720.00 Salary expense $86,400.00 Depreciation expense: trucks $19,200.00 Drepeciation expense: equipment $4,800.00 Repair and maintenance expense $6,360.00 Fuel expense $2,640.00 Miscellaneous expense $3,240.00 Interest expense $4,560.00 Income taxes expense $10,800.00 $440,520.00 $440,520.00 Garden Wizards INCOME STATEMENT FOR THE YEAR ENDED December 31, 2024 Revenue: Service revenue earned Total revenue Expenses: Insurance expense Garden Wizards STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED December 31, 2024 Retained earnings, January 1, 2024 $25,200.00 $232,800.00 Add: Net income $52,320.00 $232,800.00 Subtotal $77,520.00 Less: Dividends $3,960.00 Retained earnings, December 31, 2024 $73,560.00 $2,160.00 Office rent expense $33,600.00 Supplies expense $6,720.00 Salary expense $86,400.00 Depreciation expense: trucks $19,200.00 Drepeciation expense: equipment $4,800.00 Repair and maintenance expense $6,360.00 Fuel expense $2,640.00 Miscellaneous expense $3,240.00 Interest expense Income before income taxes $4,560.00 $169,680.00 $63,120.00 Income taxes Net income $10,800.00 $52,320.00

Garden Wizards Adjusted Trial Balance December 31, 2024 Debits Credits Cash Accounts receivable Prepaid insurance $33,360.00 $5,160.00 $10,440.00 Prepaid rent $3,840.00 Supplies $1,680.00 Trucks $168,000.00 Accumulated depreciation: trucks $90,000.00 Equipment $33,600.00 Accumulated depreciation: equipment $16,800.00 Accounts payable $2,640.00 Notes payable $45,600.00 Salaries payable Interest payable Income taxes payable $1,080.00 $360.00 $2,040.00 Unearned service revenue $2,400.00 Capital stock $21,600.00 Retained earnings $25,200.00 Dividends $3,960.00 Service revenue earned $232,800.00 Insurance expense $2,160.00 Office rent expense $33,600.00 Supplies expense $6,720.00 Salary expense $86,400.00 Depreciation expense: trucks $19,200.00 Drepeciation expense: equipment $4,800.00 Repair and maintenance expense $6,360.00 Fuel expense $2,640.00 Miscellaneous expense $3,240.00 Interest expense $4,560.00 Income taxes expense $10,800.00 $440,520.00 $440,520.00 Garden Wizards INCOME STATEMENT FOR THE YEAR ENDED December 31, 2024 Revenue: Service revenue earned Total revenue Expenses: Insurance expense Garden Wizards STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED December 31, 2024 Retained earnings, January 1, 2024 $25,200.00 $232,800.00 Add: Net income $52,320.00 $232,800.00 Subtotal $77,520.00 Less: Dividends $3,960.00 Retained earnings, December 31, 2024 $73,560.00 $2,160.00 Office rent expense $33,600.00 Supplies expense $6,720.00 Salary expense $86,400.00 Depreciation expense: trucks $19,200.00 Drepeciation expense: equipment $4,800.00 Repair and maintenance expense $6,360.00 Fuel expense $2,640.00 Miscellaneous expense $3,240.00 Interest expense Income before income taxes $4,560.00 $169,680.00 $63,120.00 Income taxes Net income $10,800.00 $52,320.00

Corporate Fin Focused Approach
Corporate Fin Focused Approach
5th Edition
ISBN:9781285660516
Author:EHRHARDT
Publisher:EHRHARDT
Chapter2: Financial Statements, Cash Flow, And Taxes
Section: Chapter Questions
Problem 14SP
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Please help to prepare the company’s balance sheet dated December 31, current year​.

 

Garden Wizards Adjusted Trial Balance December 31, 2024 Debits Credits Cash Accounts receivable Prepaid insurance $33,360.00 $5,160.00 $10,440.00 Prepaid rent $3,840.00 Supplies $1,680.00 Trucks $168,000.00 Accumulated depreciation: trucks $90,000.00 Equipment $33,600.00 Accumulated depreciation: equipment $16,800.00 Accounts payable $2,640.00 Notes payable $45,600.00 Salaries payable Interest payable Income taxes payable $1,080.00 $360.00 $2,040.00 Unearned service revenue $2,400.00 Capital stock $21,600.00 Retained earnings $25,200.00 Dividends $3,960.00 Service revenue earned $232,800.00 Insurance expense $2,160.00 Office rent expense $33,600.00 Supplies expense $6,720.00 Salary expense $86,400.00 Depreciation expense: trucks $19,200.00 Drepeciation expense: equipment $4,800.00 Repair and maintenance expense $6,360.00 Fuel expense $2,640.00 Miscellaneous expense $3,240.00 Interest expense $4,560.00 Income taxes expense $10,800.00 $440,520.00 $440,520.00
Transcribed Image Text:Garden Wizards Adjusted Trial Balance December 31, 2024 Debits Credits Cash Accounts receivable Prepaid insurance $33,360.00 $5,160.00 $10,440.00 Prepaid rent $3,840.00 Supplies $1,680.00 Trucks $168,000.00 Accumulated depreciation: trucks $90,000.00 Equipment $33,600.00 Accumulated depreciation: equipment $16,800.00 Accounts payable $2,640.00 Notes payable $45,600.00 Salaries payable Interest payable Income taxes payable $1,080.00 $360.00 $2,040.00 Unearned service revenue $2,400.00 Capital stock $21,600.00 Retained earnings $25,200.00 Dividends $3,960.00 Service revenue earned $232,800.00 Insurance expense $2,160.00 Office rent expense $33,600.00 Supplies expense $6,720.00 Salary expense $86,400.00 Depreciation expense: trucks $19,200.00 Drepeciation expense: equipment $4,800.00 Repair and maintenance expense $6,360.00 Fuel expense $2,640.00 Miscellaneous expense $3,240.00 Interest expense $4,560.00 Income taxes expense $10,800.00 $440,520.00 $440,520.00
Garden Wizards INCOME STATEMENT FOR THE YEAR ENDED December 31, 2024 Revenue: Service revenue earned Total revenue Expenses: Insurance expense Garden Wizards STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED December 31, 2024 Retained earnings, January 1, 2024 $25,200.00 $232,800.00 Add: Net income $52,320.00 $232,800.00 Subtotal $77,520.00 Less: Dividends $3,960.00 Retained earnings, December 31, 2024 $73,560.00 $2,160.00 Office rent expense $33,600.00 Supplies expense $6,720.00 Salary expense $86,400.00 Depreciation expense: trucks $19,200.00 Drepeciation expense: equipment $4,800.00 Repair and maintenance expense $6,360.00 Fuel expense $2,640.00 Miscellaneous expense $3,240.00 Interest expense Income before income taxes $4,560.00 $169,680.00 $63,120.00 Income taxes Net income $10,800.00 $52,320.00
Transcribed Image Text:Garden Wizards INCOME STATEMENT FOR THE YEAR ENDED December 31, 2024 Revenue: Service revenue earned Total revenue Expenses: Insurance expense Garden Wizards STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED December 31, 2024 Retained earnings, January 1, 2024 $25,200.00 $232,800.00 Add: Net income $52,320.00 $232,800.00 Subtotal $77,520.00 Less: Dividends $3,960.00 Retained earnings, December 31, 2024 $73,560.00 $2,160.00 Office rent expense $33,600.00 Supplies expense $6,720.00 Salary expense $86,400.00 Depreciation expense: trucks $19,200.00 Drepeciation expense: equipment $4,800.00 Repair and maintenance expense $6,360.00 Fuel expense $2,640.00 Miscellaneous expense $3,240.00 Interest expense Income before income taxes $4,560.00 $169,680.00 $63,120.00 Income taxes Net income $10,800.00 $52,320.00
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