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Given the adjusted trial balance below, prepare (in good form) an income statement, statement of retained earnings, and balance sheet. The name of the business is Verde Landscaping Services and the accounting period coincides with the calendar year.
Verde Landscaping Services
Adjusted Trial Balance
December 31, 20x5
Cash
$ 795
Accounts Receivable
1,800
Supplies
30
Prepaid Insurance
Office Equipment
3,000
Accumulated Depreciation-Office Equipment
$ 450
Accounts Payable
Salaries Payable
105
Common Stock
1,000
Retained Earnings
1,100
Service Revenue
3,300
Salaries Expense
1,680
Supplies Expense
120
Insurance Expense
150
Depreciation Expense-Office Equipment
______
$7,755
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The State of Adaven issued $50 million of perpetual bonds in 1990. The bonds were issued in $100 denominations with an annual coupon interest rate of 5%. Determine the value of these bonds today to an investor who requires a 10% return on his inve..
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