810 of 11 Exercise 316 Prepare financial statements from an

8-10 (of 11 Exercise 3-16 Prepare financial statements from an adjusted trial balance (L03-5) The following information applies to the questions displayed below. The December 31. 2018 adjusted trial balance for Fightin\' Blue Hens Corporetion is presented below $ 10,500 135,000 4,500 22,500 250,000 Prepaid Rent Equipment Depreclation $120.000 Accounts Payable Salaries Payable Interest Payable 10,500 9,500 25,000 150,000 45.000 350,000H Notes e (due in two years) Salarles Rent Expense 250,000 12,500 25,000 3,500 Interest Totals $ 713,500 $ 713,500

Solution

1). Income Statement :-

2) Statement of Stockholder\'s Equity :-

3) Balance Sheet :-

Prarticulars	Amount($)	Amount($)
Revenue :-
Service Revenue	350000
Total Revenue	350000	350000
Expenses :-
Salaries Expense	250000
Rent Expense	12500
Depreciation Expense	25000
Interest Expense	3500
Total Expenses	291000	291000
Net Income ($350000 - $291000)		59000