The adjusted trial balance of Ryan Financial Planners appears below.
RYAN FINANCIAL PLANNERS
Adjusted Trial Balance
December 31, 2014
Debit Credit
Cash $2,660
Accounts Receivable 2,140
Supplies 1,850
Equipment 15,900
Accumulated Depreciation-Equipment $3,975
Accounts Payable 3,310
Unearned Service Revenue 3,205
Common Stock 10,000
Retained Earnings 4,510
Dividends 1,000
Service Revenue 4,300
Supplies Expense 410
Depreciation Expense 2,420
Rent Expense 2,920
$29,300 $29,300
Using the information from the adjusted trial balance, you are to prepare for the month ending December 31:
1. An income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Dividends Expenses Net Income / (Loss) Retained earnings, December 1 Retained earnings, December 31 Revenues Total Expenses Total Revenues
RYAN FINANCIAL PLANNERS
Income Statement
For the Month Ended December 31, 2014
Dividends Expenses Net Income / (Loss) Retained earnings, December 1 Retained earnings, December 31 Revenues Total Expenses Total Revenues
2. A retained earnings statement.
RYAN FINANCIAL PLANNERS
Retained Earnings Statement
For the Month Ended December 31, 2014
3. A balance sheet. (List Assets in order of liquidity.)
RYAN FINANCIAL PLANNERS
Balance Sheet
December 31, 2014
Dividends Expenses Net Income / (Loss) Retained earnings, December 1 Retained earnings, December 31 Revenues Total Expenses Total Revenues
less
Assets
Liabilities and Stockholders' Equity
Current AssetsLiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesShort-term InvestmentsTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Liabilities and Stockholders