Preparing Financial Statements and Closing Procedures
Solomon Corporation's adjusted trial balance for the year ending December 31, 2013, is:
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Solomon Corporation
Adjusted Trial Balance
December 31, 2013
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Debit
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Credit
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Cash
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$8,800
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Accounts Receivable
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14,300
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Equipment
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171,600
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Accumulated Depreciation
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$30,800
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Notes Payable
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22,000
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Common Stock
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94,600
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Retained Earnings
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27,720
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Service Fees Earned
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156,200
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Rent Expense
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39,600
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Salaries Expense
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81,620
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Depreciation Expense
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15,400
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Totals
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$331,320
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$331,320
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(a) Prepare its income statement and statement of stockholders' equity for the current year, and its balance sheet for the current year-end. Cash dividends were $17,600 and there were no stock issuances or repurchases.
For the income statement, enter credit balances as positive numbers and debit balances as negative balances.
Attachment:- Preparing-Financial-Statements-and-Closing-Procedures-.rar