The adjusted trial balance for china tea company at december 31, 2006

The adjusted trial balance for China Tea Company at December 31, 2006 is presented below:

 

Debit                                        Credit

Cash    10,500

Accounts Receivable   150,000

Allowance for uncollectible accounts  10,000

Prepaid rent     5,000

Inventory         25,000

Equipment       300,000

Accumulated depreciation-equipment 125,000

Accounts payable        20,000

Notes payable- due in three months     30,000

Salaries payable                       4,000

Interest payable                       1,000

Capital stock                200,000

Retained earnings        50,000

Sales revenue               400,000

Cost of goods sold       180,000

Salaries expense          120,000

Rent expense               15,000

Depreciation expense  30,000

Interest expense                       2,000

Bad debt expense        2,500

  Totals                         840,000                       840,000

 

a. Prepare a classified balance sheet for China Tea Company as of December 31,2006

 

b. Prepare an income statement for China Tea Company for the year ended December 31,2006

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