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ABC Services Inc.Scenario: Prepare Adjusted Trial BalanceTrial Balance Data:Cash: $50,000Accounts Receivable: $30,000Inventory: $20,000Accounts Payable: $15,000Capital: $70,000Adjustments:Depreciation...

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Accounting

ABC Services Inc.

Scenario: Prepare Adjusted Trial Balance

Trial Balance Data:

  • Cash: $50,000
  • Accounts Receivable: $30,000
  • Inventory: $20,000
  • Accounts Payable: $15,000
  • Capital: $70,000

Adjustments:

  • Depreciation Expense: $5,000
  • Accrued Salaries: $3,000

Requirements:

  1. Prepare the Adjusted Trial Balance as of December 31, 2023.
  2. Prepare the Income Statement and Balance Sheet based on the adjusted trial balance.
  3. Discuss the impact of adjustments on the financial statements.
  4. Analyze the liquidity position based on the adjusted trial balance.

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