Home / Questions / Given the income statement columns and the balance sheet columns of the worksheet, prepar
Given the income statement columns and the balance sheet columns of the worksheet, prepare an income statement for the month of October 31, 2014, for the company.
TrialAdjustedIncomeBalance
BalanceAdjustmentsTrial BalanceStatement Sheet
|
Accounts |
DR |
CR |
DR |
CR |
DR |
CR |
DR |
CR |
DR |
CR |
|
Cash |
1,000 |
|
|
|
1,000 |
|
|
|
1,000 |
|
|
Accts. Rec. |
400 |
|
|
|
400 |
|
|
|
400 |
|
|
Supplies |
900 |
|
|
c 400 |
500 |
|
|
|
500 |
|
|
Equipment |
750 |
|
|
|
750 |
|
|
|
750 |
|
|
Accts. Pay |
|
700 |
|
|
|
700 |
|
|
|
700 |
|
Capital |
|
1,950 |
|
|
|
1,950 |
|
|
|
1,950 |
|
Withdrawls |
200 |
|
|
|
200 |
|
|
|
200 |
|
|
Fees Earned |
|
900 |
|
|
|
900 |
|
900 |
|
|
|
Salary Exp. |
300 |
|
b 100 |
|
400 |
|
400 |
|
|
|
|
Totals |
3,550 |
3,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization Expense |
|
|
a 50 |
|
50 |
|
50 |
|
|
|
|
Accumulated Amortization |
|
|
|
a 50 |
|
50 |
|
|
|
50 |
|
Salaries Payable |
|
|
|
b 100 |
|
100 |
|
|
|
100 |
|
Supplies Expense |
|
|
c 400 |
|
400 |
|
400 |
|
|
|
|
Totals |
|
|
550 |
550 |
3,700 |
3,700 |
850 |
900 |
2,850 |
2,800 |
|
Net Loss |
|
|
|
|
|
|
50 |
|
|
50 |
|
|
|
|
|
|
|
|
900 |
900 |
2,850 |
2,850 |
|
|
|
|
|
|
|
|
|
|
|
|
6) Given the income statement columns and the balance sheet columns of the worksheet, prepare a balance sheet dated December 31, 2013, for Baur Company.
TrialAdjustedIncomeBalance
BalanceAdjustmentsTrial BalanceStatement Sheet
|
Accounts |
DR |
CR |
DR |
CR |
DR |
CR |
DR |
CR |
DR |
CR |
|
Cash |
750 |
|
|
|
750 |
|
|
|
750 |
|
|
Accts. Rec. |
400 |
|
|
|
400 |
|
|
|
400 |
|
|
Supplies |
250 |
|
|
b 175 |
75 |
|
|
|
75 |
|
|
Prepaid Ins. |
400 |
|
|
c 100 |
300 |
|
|
|
300 |
|
|
Equipment |
7,000 |
|
|
|
7,000 |
|
|
|
7,000 |
|
|
Accts. Pay |
|
900 |
|
|
|
900 |
|
|
|
900 |
|
Capital |
|
6,000 |
|
|
|
6,000 |
|
|
|
6,000 |
|
Fees Earned |
|
2,000 |
|
|
|
2,000 |
|
2,000 |
|
|
|
Wages Exp. |
100 |
|
d 300 |
|
400 |
|
400 |
|
|
|
|
Totals |
8,900 |
8,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization Expense |
|
|
a 250 |
|
250 |
|
250 |
|
|
|
|
Accumulated Amortization |
|
|
|
a 250 |
|
250 |
|
|
|
250 |
|
Supplies Expense |
|
|
b 175 |
|
175 |
|
175 |
|
|
|
|
Insurance Expense |
|
|
c 100 |
|
100 |
|
100 |
|
|
|
|
Wages Payable |
|
|
|
d 300 |
|
300 |
|
|
|
300 |
|
Total |
|
|
825 |
825 |
9,450 |
9,450 |
925 |
2,000 |
8,525 |
7,450 |
|
Net Income |
|
|
|
|
|
|
1,075 |
|
|
1,075 |
|
|
|
|
|
|
|
|
2,000 |
2,000 |
8,525 |
8,525 |
|
|
|
|
|
|
|
|
|
|
|
|
7) Discuss the benefits of the worksheet. Explain how the financial reports are prepared from the worksheet.
8) Determine the ending owner's equity of a business having a beginning owner's equity of $10,200, withdrawals of $1,210, and net income of $8,250.
$________________
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