Using the unadjusted trial balance provided below, you are required to : Prepare an...
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Accounting
Using the unadjusted trial balance provided below, you are required to :
Prepare an Income Statement for the year ending December 31; and,
Calculate the Net Profit Margin.
Note: For the Net Profit Margin, do not forget the "%" sign and round your answer up to 2 decimal places
The following accounts are taken from Equilibrium Riding, Inc., a company that specializes in occupational therapy and horseback riding lessons, as of December 31
EQUILIBRIUM RIDING, INC.
Unadjusted Trial Balance
At December 31
Account Name
Debits
Credits
Cash
$ 59,750
Accounts Receivable
3,300
Prepaid Insurance
4,700
Equipment
64,600
Land
23,000
Accounts Payable
$ 29,230
Deferred Revenue
1,500
Notes Payable(long-term)
74,000
Common Stock
5,000
Retained Earnings
14,500
Dividends
0
Service Revenue
35,700
Salaries and Wages Expense
3,900
Repairs and Maintenance Expense
410
Other expenses
270
Totals
$159,930
$159,930
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