Given the income statement columns and the balance sheet columns

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, 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.

$________________

Tripti 06-Dec-2019

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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, prepar

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