How do I turn this trial balance into an income statement and the balance sheet ACCOUNT...
How do I turn this trial balance into an income statement and the balance sheet
| ACCOUNT | ACCOUNT TYPE | DEBIT | CREDIT | BALANCE |
| Checking | Bank | $ 35,600.00 | $ 34,762.00 | $ 838.00 |
| Equipment | Fixed Asset | $ 15,000.00 | $ - | $ 15,000.00 |
| A/D - Equipment | Fixed Asset | $ - | $ 150.00 | $ (150.00) |
| Land | Fixed Asset | $ 25,000.00 | $ - | $ 25,000.00 |
| Building | Fixed Asset | $ 175,000.00 | $ - | $ 175,000.00 |
| A/D - Building | Fixed Asset | $ - | $ 850.00 | $ (850.00) |
| Small Business Loan | Other Current Liability | $ 1,500.00 | $ 200,000.00 | $ 198,500.00 |
| Line of Credit | Other Current Liability | $ - | $ 20,000.00 | $ 20,000.00 |
| Capital Contribution | Equity | $ - | $ 20,000.00 | $ 20,000.00 |
| Services | Income | $ - | $ 10,600.00 | $ 10,600.00 |
| Computer/Internet | Expense | $ 178.00 | $ - | $ 178.00 |
| Depreciation | Expense | $ 1,000.00 | $ - | $ 1,000.00 |
| Interest | Expense | $ 225.00 | $ - | $ 225.00 |
| Legal/Professional Fees | Expense | $ 1,400.00 | $ - | $ 1,400.00 |
| Office Supplies | Expense | $ 4,200.00 | $ - | $ 4,200.00 |
| Repairs | Expense | $ 850.00 | $ - | $ 850.00 |
| Telephone | Expense | $ 142.00 | $ - | $ 142.00 |
| Utilities | Expense | $ 267.00 | $ - | $ 267.00 |
| Officer Wages | Expense | $ 16,000.00 | $ - | $ 16,000.00 |
| Staff Wages | Expense | $ 10,000.00 | $ - | $ 10,000.00 |
Homework Answers
Income Statement is shown as follows:- (Amounts in $)
| Service revenue (A) | 10,600.00 |
| Expenses: | |
| Internet Expense | 178.00 |
| Depreciation Expense | 1,000.00 |
| Interest Expense | 225.00 |
| Legal Fees | 1,400.00 |
| Office Supplies Expense | 4,200.00 |
| Repairs Expense | 850.00 |
| Telephone Expense | 142.00 |
| Utilities Expense | 267.00 |
| Officer Wages | 16,000.00 |
| Staff Wages | 10,000.00 |
| Total Expenses (B) | 34,262.00 |
| Net Income/(Loss) (A-B) | (23,662.00) |
The net loss of $23,662 will be adjusted from capital contribution.
Balance Sheet is shown as follows:- (Amounts in $)
| Assets | ||
| Bank | 838.00 | |
| Equipment | 15,000.00 | |
| A/D-Equipment | (150.00) | |
| Equipment, net | 14,850.00 | |
| Land | 25,000.00 | |
| Building | 175,000.00 | |
| A/D-Building | (850.00) | |
| Building, net | 174,150 | |
| Total Assets | 214,838.00 | |
| Liabilities and Equity | ||
| Small Business Loan | 198,500.00 | |
| Line of Credit | 20,000.00 | |
| Capital Contribution | 20,000.00 | |
| Net Loss | (23,662.00) | (3,662.00) |
| Total Liabilities and Equity | 214,838.00 | |
Add Answer to:
How do I turn this trial balance into an income statement and
the balance sheet
ACCOUNT...
Adjusted Trial Balance December 31, 2017 Debit Credit 100,000.00 54,000.00 125,000.00 23,000.00 6,300.00 1,200,000.00 150.00 10,000.00...
Adjusted Trial Balance December 31, 2017 Debit Credit 100,000.00 54,000.00 125,000.00 23,000.00 6,300.00 1,200,000.00 150.00 10,000.00 855,000.00 8,333.00 5,750.00 128,000.00 Accounts Receivable Accounts Payable Accumulated Depreciation-Building Accumulated Depreciation-Vehicles Advertising Expense Buildings Cash--Checking Cash-Savings Delivery Fees Earned Depreciation Expense-Building Depreciation Expense-Vehicles H. Jackson, Capital H. Jackson, Withdrawals Insurance Expense Insurance Payable Intangible Assets Interest Expense Land Loan Payable Note Payable Prepaid Insurance Prepaid Mortgage Rental Vehicle Expense Short-term Investments Supplies Expense Supplies Inventory Utilities Expense 15,000.00 22,000.00 11,400.00 175,000.00 25,000.00 125,000.00...
Winners Adjusted Trial Balance December 31, 2017 Debit Credit 100,000.00 54,000.00 125,000.00 23,000.00 6,300.00 1,200,000.00 150.00...
Winners Adjusted Trial Balance December 31, 2017 Debit Credit 100,000.00 54,000.00 125,000.00 23,000.00 6,300.00 1,200,000.00 150.00 10,000.00 855,000.00 8,333.00 5,750.00 128,000.00 Accounts Receivable Accounts Payable Accumulated Depreciation-Building Accumulated Depreciation Vehicles Advertising Expense Buildings Cash--Checking Cash-Savings Delivery Fees Earned Depreciation Expense-Building Depreciation Expense-Vehicles H. Jackson, Capital H. Jackson, Withdrawals Insurance Expense Insurance Payable Intangible Assets Interest Expense Land Loan Payable Note Payable Prepaid Insurance Prepaid Mortgage Rental Vehicle Expense Short-term Investments Supplies Expense Supplies Inventory Utilities Expense 15,000.00 22,000.00 11,400.00 175,000.00...
Prepare the income statement from the trial balance below. Adjusting entries Debit Credit Peyton Approved Trial...
Prepare the income statement from the trial balance below.
Adjusting entries Debit Credit Peyton Approved Trial Balance 2018 Unadjusted trial balance Debit Credit 32,236.75 18,500.00 175.65 1,500.00 2,400.00 6,000.00 17,400.00 400.00 250.00 550.00 600.00 7,700.00 10,000.00 150.00 5,000.00 480.00 16,000.00 Account Cash Baking Supplies Merchandise Inventory (FIFO) Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Office Supplies Accounts Receivable Notes Payable Interest Payable Accounts Payable Wages Payable Common Stock Dividends Bakery Sales Merchandise Sales Baking Supplies Expense Rent Expense Interest...
Prepare Multi-Step Income Statement for the month of January 2019. Be Prepared Adjusted Trial Balance January...
Prepare Multi-Step Income Statement for the
month of January 2019.
Be Prepared Adjusted Trial Balance January 31, 2019 Account ID Account Description Debits Credits 1001 Cash 1021 Accounts Receiva ble 1022 Allowarce for Doubtful Acc 1027 Interest Receiva ble 1031 Notes Receivable 1051 Merchandise Invertory 1101 Store Supplies 1111 Office Supplies 1125Prepaic Insurarce 1401 Land 1411 Building 1412 Accum Dep: Building 1431 Officc Equipmert 1432 Accum Dep: Office Equipm 1451 Store Equipment 1452 Accum Depr: Store Equipm 1501 Patents 2001...
Winners Adjusted Trial Balance December 31, 2017 Debit Credit 100,000.00 54,000.00 125,000.00 23,000.00 6,300.00 1,200,000.00 150.00...
Winners Adjusted Trial Balance December 31, 2017 Debit Credit 100,000.00 54,000.00 125,000.00 23,000.00 6,300.00 1,200,000.00 150.00 10,000.00 855,000.00 8,333.00 5,750.00 128,000.00 Accounts Receivable Accounts Payable Accumulated Depreciation-Building Accumulated Depreciation Vehicles Advertising Expense Buildings Cash--Checking Cash-Savings Delivery Fees Earned Depreciation Expense-Building Depreciation Expense-Vehicles H. Jackson, Capital H. Jackson, Withdrawals Insurance Expense Insurance Payable Intangible Assets Interest Expense Land Loan Payable Note Payable Prepaid Insurance Prepaid Mortgage Rental Vehicle Expense Short-term Investments Supplies Expense Supplies Inventory Utilities Expense 15,000.00 22,000.00 11,400.00 175,000.00...
I need help with this question ACC Company, Inc. Balance Sheet 12/31/19 $ 1,500.00 1,250.00 100.00...
I need help with this question
ACC Company, Inc. Balance Sheet 12/31/19 $ 1,500.00 1,250.00 100.00 $ $ 2,850.00 Assets: Current Assets: Cash Accounts Receivable Prepaid Expenses Total Current Assets Long-Term Assets: Property, Plant, and Equipment Land Buildings Equipment Accumulated Depreciation Total Property, Plant, and Equipment Total Assets 10,000.00 25,000.00 15,000.00 (12,000.00) $ $ $ 38,000.00 40,850.00 $ 100.00 150.00 $ Liabilities: Current Liabilities Accounts Payable Accrued Expense Salary and Wages Payable Total Liabilities Shareholder's Equity Common Stock - $1...
ACC3300 Intermediate Accounting! Examination I - Problem Component Please use the following Balance Sheet and Transaction...
ACC3300 Intermediate Accounting! Examination I - Problem Component Please use the following Balance Sheet and Transaction information to prepare your responses to the required submissions detailed below: 1,500.00 1,250.00 100.00 ACC Company, Inc. Balance Sheet December 31, 2019 Assets: Current Assets: Cash $ Accounts Receivable Prepaid Expenses $ Total Current Assets Long-Term Assets: Property, Plant, and Equipment Land $ Buildings Equipment Accumulated Depreciation $ Total Property, Plant, and Equipment Total Assets $ 2,850.00 10,000.00 25,000.00 15,000.00 (12,000.00) $ $ 38,000.00...
how to fill out the unadjusted trial balance|Adjustments| Adjusted Trial balance| income statement| balance sheet| Credit...
how to fill out the unadjusted trial balance|Adjustments|
Adjusted Trial balance| income statement| balance sheet|
Credit Debit $3,000 $3,000 $225 $225 $200 Date General Journal 8/01/2019 Cash G.Spencer, Capital 8/05/2019 Rent Expense Cash 8/16/2019 Wages Expense Cash 8/15/2019 Cash Service Revenue 8/22/2019 Supplies Accounts Payable 8/31/2019 G.Spencer, Drawing Cash $200 $3,250 Cash comes into the business and so debited) Capital contribution and so it is credited] Expense item and so it is debited] Cash goes out from the business and...
how do i switch my adjusted trial balance sheet to financial statements (income statement, statement of...
how
do i switch my adjusted trial balance sheet to financial statements
(income statement, statement of stockholders equity, and classified
balance sheet) and how do i do the retained earnings of this
account?
А C D E F B Adjusted Trial Balance WN 4 Credit Debit $ 10,100 $ 2,800 $ 90 $ 550 $ 3,600 $ $ $ $ 60 130 480 10,500 5 6 Cash 7 Accounts Receivables 8 Supplies 9 Prepaid Insurance 10 Equipment 11 Accumulated Depreciation...
Using Be Prepared, Inc.’s adjusted trial balance and prior period’s balance sheet, prepare the following Financial...
Using Be Prepared, Inc.’s adjusted trial balance and prior
period’s balance sheet, prepare the following Financial Reports:
Multi-Step Income Statement for the month of January 2021 Statement
of Retained Earnings for the month of January 2021 Note: There are
no prior period adjustments and all dividends declared and paid are
cash dividends in the amount of $25,000.
W Download Share Accounting Il Practice Set 2020 ACC 112-4W1 Spring (1).docx File Edit Format Tools Help o na 5 Q a Normal...
Adjusted Trial Balance December 31, 2017 Debit Credit 100,000.00 54,000.00 125,000.00 23,000.00 6,300.00 1,200,000.00 150.00 10,000.00 855,000.00 8,333.00 5,750.00 128,000.00 Accounts Receivable Accounts Payable Accumulated Depreciation-Building Accumulated Depreciation-Vehicles Advertising Expense Buildings Cash--Checking Cash-Savings Delivery Fees Earned Depreciation Expense-Building Depreciation Expense-Vehicles H. Jackson, Capital H. Jackson, Withdrawals Insurance Expense Insurance Payable Intangible Assets Interest Expense Land Loan Payable Note Payable Prepaid Insurance Prepaid Mortgage Rental Vehicle Expense Short-term Investments Supplies Expense Supplies Inventory Utilities Expense 15,000.00 22,000.00 11,400.00 175,000.00 25,000.00 125,000.00...
Winners Adjusted Trial Balance December 31, 2017 Debit Credit 100,000.00 54,000.00 125,000.00 23,000.00 6,300.00 1,200,000.00 150.00 10,000.00 855,000.00 8,333.00 5,750.00 128,000.00 Accounts Receivable Accounts Payable Accumulated Depreciation-Building Accumulated Depreciation Vehicles Advertising Expense Buildings Cash--Checking Cash-Savings Delivery Fees Earned Depreciation Expense-Building Depreciation Expense-Vehicles H. Jackson, Capital H. Jackson, Withdrawals Insurance Expense Insurance Payable Intangible Assets Interest Expense Land Loan Payable Note Payable Prepaid Insurance Prepaid Mortgage Rental Vehicle Expense Short-term Investments Supplies Expense Supplies Inventory Utilities Expense 15,000.00 22,000.00 11,400.00 175,000.00...
Prepare the income statement from the trial balance below.
Adjusting entries Debit Credit Peyton Approved Trial Balance 2018 Unadjusted trial balance Debit Credit 32,236.75 18,500.00 175.65 1,500.00 2,400.00 6,000.00 17,400.00 400.00 250.00 550.00 600.00 7,700.00 10,000.00 150.00 5,000.00 480.00 16,000.00 Account Cash Baking Supplies Merchandise Inventory (FIFO) Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Office Supplies Accounts Receivable Notes Payable Interest Payable Accounts Payable Wages Payable Common Stock Dividends Bakery Sales Merchandise Sales Baking Supplies Expense Rent Expense Interest...
Prepare Multi-Step Income Statement for the
month of January 2019.
Be Prepared Adjusted Trial Balance January 31, 2019 Account ID Account Description Debits Credits 1001 Cash 1021 Accounts Receiva ble 1022 Allowarce for Doubtful Acc 1027 Interest Receiva ble 1031 Notes Receivable 1051 Merchandise Invertory 1101 Store Supplies 1111 Office Supplies 1125Prepaic Insurarce 1401 Land 1411 Building 1412 Accum Dep: Building 1431 Officc Equipmert 1432 Accum Dep: Office Equipm 1451 Store Equipment 1452 Accum Depr: Store Equipm 1501 Patents 2001...
Winners Adjusted Trial Balance December 31, 2017 Debit Credit 100,000.00 54,000.00 125,000.00 23,000.00 6,300.00 1,200,000.00 150.00 10,000.00 855,000.00 8,333.00 5,750.00 128,000.00 Accounts Receivable Accounts Payable Accumulated Depreciation-Building Accumulated Depreciation Vehicles Advertising Expense Buildings Cash--Checking Cash-Savings Delivery Fees Earned Depreciation Expense-Building Depreciation Expense-Vehicles H. Jackson, Capital H. Jackson, Withdrawals Insurance Expense Insurance Payable Intangible Assets Interest Expense Land Loan Payable Note Payable Prepaid Insurance Prepaid Mortgage Rental Vehicle Expense Short-term Investments Supplies Expense Supplies Inventory Utilities Expense 15,000.00 22,000.00 11,400.00 175,000.00...
I need help with this question
ACC Company, Inc. Balance Sheet 12/31/19 $ 1,500.00 1,250.00 100.00 $ $ 2,850.00 Assets: Current Assets: Cash Accounts Receivable Prepaid Expenses Total Current Assets Long-Term Assets: Property, Plant, and Equipment Land Buildings Equipment Accumulated Depreciation Total Property, Plant, and Equipment Total Assets 10,000.00 25,000.00 15,000.00 (12,000.00) $ $ $ 38,000.00 40,850.00 $ 100.00 150.00 $ Liabilities: Current Liabilities Accounts Payable Accrued Expense Salary and Wages Payable Total Liabilities Shareholder's Equity Common Stock - $1...
ACC3300 Intermediate Accounting! Examination I - Problem Component Please use the following Balance Sheet and Transaction information to prepare your responses to the required submissions detailed below: 1,500.00 1,250.00 100.00 ACC Company, Inc. Balance Sheet December 31, 2019 Assets: Current Assets: Cash $ Accounts Receivable Prepaid Expenses $ Total Current Assets Long-Term Assets: Property, Plant, and Equipment Land $ Buildings Equipment Accumulated Depreciation $ Total Property, Plant, and Equipment Total Assets $ 2,850.00 10,000.00 25,000.00 15,000.00 (12,000.00) $ $ 38,000.00...
how to fill out the unadjusted trial balance|Adjustments|
Adjusted Trial balance| income statement| balance sheet|
Credit Debit $3,000 $3,000 $225 $225 $200 Date General Journal 8/01/2019 Cash G.Spencer, Capital 8/05/2019 Rent Expense Cash 8/16/2019 Wages Expense Cash 8/15/2019 Cash Service Revenue 8/22/2019 Supplies Accounts Payable 8/31/2019 G.Spencer, Drawing Cash $200 $3,250 Cash comes into the business and so debited) Capital contribution and so it is credited] Expense item and so it is debited] Cash goes out from the business and...
how
do i switch my adjusted trial balance sheet to financial statements
(income statement, statement of stockholders equity, and classified
balance sheet) and how do i do the retained earnings of this
account?
А C D E F B Adjusted Trial Balance WN 4 Credit Debit $ 10,100 $ 2,800 $ 90 $ 550 $ 3,600 $ $ $ $ 60 130 480 10,500 5 6 Cash 7 Accounts Receivables 8 Supplies 9 Prepaid Insurance 10 Equipment 11 Accumulated Depreciation...
Using Be Prepared, Inc.’s adjusted trial balance and prior
period’s balance sheet, prepare the following Financial Reports:
Multi-Step Income Statement for the month of January 2021 Statement
of Retained Earnings for the month of January 2021 Note: There are
no prior period adjustments and all dividends declared and paid are
cash dividends in the amount of $25,000.
W Download Share Accounting Il Practice Set 2020 ACC 112-4W1 Spring (1).docx File Edit Format Tools Help o na 5 Q a Normal...
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