ABC Services Inc.Scenario: Prepare Adjusted Trial BalanceTrial Balance Data:Cash: $50,000Accounts Receivable: $30,000Inventory: $20,000Accounts Payable: $15,000Capital: $70,000Adjustments:Depreciation...
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Accounting
ABC Services Inc.
Scenario: Prepare Adjusted Trial Balance
Trial Balance Data:
- Cash: $50,000
- Accounts Receivable: $30,000
- Inventory: $20,000
- Accounts Payable: $15,000
- Capital: $70,000
Adjustments:
- Depreciation Expense: $5,000
- Accrued Salaries: $3,000
Requirements:
- Prepare the Adjusted Trial Balance as of December 31, 2023.
- Prepare the Income Statement and Balance Sheet based on the adjusted trial balance.
- Discuss the impact of adjustments on the financial statements.
- Analyze the liquidity position based on the adjusted trial balance.
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