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Preparing Financial Statements The adjusted trial balance of Monona Inc. as of December 31 follows....

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Accounting

Preparing Financial Statements The adjusted trial balance of Monona Inc. as of December 31 follows.

Adjusted Trial Balance, Dec. 31Acct No.AccountsDebitCredit100Cash$43,200104Accounts receivable84,000105Allowance for doubtful accounts$4,260106Inventory96,000108Prepaid insurance5,760150Land13,740155Building240,000156Equipment72,000162Accumulated depreciation15,000202Accounts payable90,000204Salaries payable5,400208Deferred service revenue2,400210Interest payable600240Note payable180,000302Common stock222,000304Retained earnings14,400310Dividends6,000400Sales600,000402Service revenue30,000510Cost of goods sold288,000512Salaries expense276,000520Repair expense2,400526Insurance expense4,320528Depreciation expense15,840540Interest expense14,400542Bad debt expense2,400Net earnings$1,164,060$1,164,060

a. Prepare the income statement for the year ended December 31. b. Prepare the statement of stockholders equity for the year ended December 31. Assume that all common stock was issued prior to this year. c. Prepare the balance sheet on December 31.

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