Question

The following is the adjusted trial balance of Maggie's Music Shop. Maggie's Music Shop Adjusted Trial Balance January 31, 2019 Accounts Debits Credits Cash 14,440 Prepaid Rent 2570 Equipment 49,500 Accumulated Depreciation--Equipment 5,740 Accounts Payable 4,120 Salaries Payable 290 Unearned Revenue 4,450 Notes Payable (long-term) 4,910 Maggie Graph, Capital 37,000 Maggie Graph, Drawing 800 Service Revenue 17,400 Salaries Expense 3,810 Rent Expense 1,540 Depreciation Expense--Equipment 570 Utilities Expense 680 Total 73,910 73,910 Prepare the income Statement Use the financial information from the previous financial statements to create the statement of owner's equity (also known as a statement of retained earnings). Use the financial information from the previous financial statements to create a Balance Sheet. Note: Use a negative sign in the Accumulated Depreciation number for the statement to calculate correctly (e.g. -5000).

          The following is the adjusted trial balance of Maggie's Music Shop.
Maggie's Music Shop
Adjusted Trial Balance
January 31, 2019
Accounts Debits Credits
Cash 14,440
Prepaid Rent 2570
Equipment 49,500
Accumulated Depreciation--Equipment 5,740
Accounts Payable 4,120
Salaries Payable 290
Unearned Revenue 4,450
Notes Payable (long-term) 4,910
Maggie Graph, Capital 37,000
Maggie Graph, Drawing 800
Service Revenue 17,400
Salaries Expense 3,810
Rent Expense 1,540
Depreciation Expense--Equipment 570
Utilities Expense 680
Total 73,910 73,910
Prepare the income Statement
Use the financial information from the previous financial statements to create the statement of owner's equity (also known as a statement of retained earnings).
Use the financial information from the previous financial statements to create a Balance Sheet.
Note: Use a negative sign in the Accumulated Depreciation number for the statement to calculate correctly (e.g. -5000).

The following is the adjusted trial balance of Maggie's Music Shop.
Maggie's Music Shop
Adjusted Trial Balance
January 31, 2019
Accounts Debits Credits
Cash 14,440
Prepaid Rent 2570
Equipment 49,500
Accumulated Depreciation–Equipment 5,740
Accounts Payable 4,120
Salaries Payable 290
Unearned Revenue 4,450
Notes Payable (long-term) 4,910
Maggie Graph, Capital 37,000
Maggie Graph, Drawing 800
Service Revenue 17,400
Salaries Expense 3,810
Rent Expense 1,540
Depreciation Expense–Equipment 570
Utilities Expense 680
Total 73,910 73,910
Prepare the income Statement
Use the financial information from the previous financial statements to create the statement of owner's equity (also known as a statement of retained earnings).
Use the financial information from the previous financial statements to create a Balance Sheet.
Note: Use a negative sign in the Accumulated Depreciation number for the statement to calculate correctly (e.g. -5000).

Added by Brenda E.

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