3. Below is the Adjusted Trial Balance for Bono Furnishing Co. for the fiscal year ending...

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3. Below is the Adjusted Trial Balance for Bono Furnishing Co. for the fiscal year ending August 31, 2019. Bono Furnishing Co

business accounting

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Answer 1

Answer #1

B.

Income Statement
Revenues:
Service revenue	12,500
Product revenue	27,500
Total Revenue	40,000
Expenses:
Utilities expense	5,000
Salaries and wages expense	24,000
Telephone expense	12,000
Supplies expense	8,500
Total Expenses	49,500
Net Loss( Total Revenue - Total Expenses)	-$9,500

Boro Furnishing Co,
Statement of Owner's Equity
For the 12-months Ended August 31, 2019
Owners Capital beginning	75,000
Net loss	-9,500
	65,500
Owners drawing	-3,000
Owners Capital Ending	$62,500

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