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Business, 06.03.2020 00:01 kajtazi7670

The following accounts are taken from Equilibrium Riding, Inc., a company that specializes in occupational therapy and horseback riding lessons, as of December 31.

Account Name Debits Credits
Cash 69,600
Accounts Receivable 5,200
Prepaid Insurance 5,000
Equipment 78,750
Land 26,550
Accounts Payable 32,600
Unearned Revenue 2,100
Notes payable (long-term) 66,000
Common stock 5,000
Retained Earnings 51,815
Dividends 0
Service Revenue 33,500
Wages Expense 4,800
Repairs and Maintenance-
Expense 830
Office Expenses 285
Totals 191,015 191,015

(a) Using the unadjusted trial balance provided, create an Income Statement for Equilibrium Riding, Inc., for the year ended December 31.
(b) Using the unadjusted trial balance provided, create a Statement of Retained Earnings for Equilibrium Riding, Inc., for the year ended December 31.
(c) Using the unadjusted trial balance provided, create a classified Balance Sheet for Equilibrium Riding, Inc., for the year ended December 31.

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