The following accounts are taken from Equilibrium Riding Inc

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	$	67,200
Accounts Receivable		4,650
Prepaid Insurance		7,100
Equipment		78,000
Land		33,150
Accounts Payable			$	29,800
Unearned Revenue				2,800
Notes Payable (long-term)				79,000
Common stock				5,000
Retained Earnings				54,170
Dividends		0
Service Revenue				26,200
Wages Expense		5,600
Repairs and Maintenance Expense		595
Office Expenses		675
Totals	$	196,970	$	196,970

Solution

EQUILIBRIUM RIDING, INC. Income Statement For the Year Ended December 31 Amount($) Amount($) 1.Revenues Service Revenue 26200 26200 2.Expenses Wage Expense 5600 Repairs and Maintainence 595 Office Expenses 675 6870 3.Operating Income(1-2) 19330 4.Less: Income tax expense 0 5.Net Income 19330 EQUILIBRIUM RIDING, INC. Statement of Retained Earnings Amount($) Amount($) Balance at the Beginning of the year 54170 Add:Net Income during the Year 19330 Balance at the End of the Year 73500 EQUILIBRIUM RIDING, INC. Balance Sheet Amount($) Amount($) Assets Current Assets Cash 67200 Accounts Receivables 4650 Prepaid Insurance 7100 78950 Non Current Assets Land 33150 Equipment 78000 111150 Total 190100 Liabillities and Stock Holders Equity Current Liabilities Accounts payables 29800 Unearned Income 2800 32600 Non Current Liablities Notes Payables 79000 79000 Stock Holders Equity Common Stock 5000 Retained Earnings 73500 Total Stock holders Equity 78500 Total 190100 Note: There are no adjustments as no adjustments information given