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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

 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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Tripti 06-Dec-2019

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