Question

prepare a classified balance sheet

STION #1 ( 22 The following partial worksheet is for Patel's Exterminating Co.: Patel's Exterminating Co. Adjusted Trial Balance December 31, 2019 Credit Debit Account $ 25,000 19,000 8,500 7,000 60,000 150,000 Cash Accounts Receivable Prepaid insurance Office supplies Land Building Accumulated depreciation Loan Receivable - (due 6/2020) Accounts payable Salaries payable Unearned service revenue $20,000 55,000 25,000 3,000 13,000 90,000 99,000 Mortgage payable - (due 12/2021) Sid Patel, capital Sid Patel, withdrawals Service revenue 0 214,500 Salaries expense Payroll tax expense Depreciation expense Supplies expense Insurance expense Utilities expense Totals 60,000 5,500 15,000 17,000 18,000 24,500 $464,500 $464,500

Answer 1

INCOME STATEMENT
	AMOUNT	AMOUNT
Revenue :
Sales Revenue		$          2,14,500
Less: Expenses
Salaries Expenses	$               60,000
Payroll tax Expenses	$                 5,500
Depreciaition expenses	$               15,000
Supplies Expenses	$               17,000
Insurance Expenses	$               18,000
Utilities Expenses	$               24,500
Total Expenses		$          1,40,000
Net Income		$             74,500
BALANCE SHEET
ASSETS	AMOUNT	AMOUNT	LIABILITIES & SHAREHOLDER'S EQUITY	AMOUNT	AMOUNT
CURRENT ASSETS:			CURRENT LIABILITIES:
Cash	$               25,000		Account Payable	$         25,000
Account Receivable	$               19,000		Salaries Payable	$           3,000
Prepaid insurance	$                 8,500		Unearned Service Revenue	$         13,000
Office Supplies	$                 7,000
Loan Receivables	$               55,000
		$          1,14,500			$                 41,000
			LONG TERM LIABILITIES:
			Mortgage Payable		$                 90,000
FIXED ASSETS
Land		$             60,000
Building	$           1,50,000
Less : Accumulated Depreciation - Equipment	$               20,000	$          1,30,000	CAPITAL ACCOUNT
Equipment			Capital	$         99,000
Less : Accumulated Depreciation - Delivery Vehicles		$                       -	Retained Earnings	$         74,500	$             1,73,500
TOTAL OF ASSETS		$          3,04,500	TOTAL OF LIABILITES & SAHREHOLDER'S EQUITY		$             3,04,500