The trial balances before and after adjustment for Garcia Company at the end of its fiscal year are presented below.GARCIA COMPANYTrial BalanceAugust 31, 2011BeforeAdjustment After AdjustmentDr.CashAccounts ReceivableOffice SuppliesPrepaid InsuranceOffice EquipmentAccumulated DepreciationÂOffice EquipmentAccounts PayableSalaries PayableUnearned Rent RevenueCommon StockRetained EarningsService RevenueRent RevenueSalaries ExpenseOffice Supplies ExpenseRent ExpenseInsurance Expense$10,400 8,800 2,300 4,000 14,000Cr.Depreciation Expense 17,000 Â0Â 15,000 Â0Â 0Â $71,500 Dr.$3,600 5,800 Â0Â 1,500 10,0005,600 34,000 11,000Cr.$10,4009,800 700 2,500 14,000 18,100 1,600 15,000 1,500900 $71,500 $74,500 $4,500 5,800 1,100600 10,0005,600 35,00011,900$74,500Prepare the income statement and a retained earnings statement for the year and the balance sheet at August31. (For the income statement, list amounts from largest to smallest e.g. 10, 5, 3, 2. For the balance sheet, list assets in order of liquidity and liabilities from largest to smallest e.g. 10, 5, 3, 2. List Common Stock first followed by Retained Earnings. Enter all amounts as positive amounts and subtract where necessary.)GARCIA COMPANYIncome StatementRevenues $ Total revenuesExpenses $ Total expensesNet income$GARCIA COMPANYRetained Earnings Statement$Add: $GARCIA COMPANYBalance SheetAssets$$Less: Total assets$Liabilities and Stockholders’EquityLiabilities $ Total liabilitiesStockholders’ Equity $ Total stockholders’ equity Total liabilities and Stockholders’ equity$
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