Kaisha Company engaged in the following activities during the year: Service Revenue, $13,200; Rent Expense, $1,200; Wages

Question:

Kaisha Company engaged in the following activities during the year: Service Revenue, $13,200; Rent Expense, $1,200; Wages Expense, $8,340; Advertising Expense, $1,350; Utilities Expense, $900; and Withdrawals, $700. In addition, the year-end balances of selected accounts were as follows: Cash, $1,550; Accounts Receivable, $750; Supplies, $100; Land, $1,000; Accounts Payable, $450. Y. Kaisha, Capital, had a beginning balance of $1,000?
In proper format, prepare the income statement, statement of owner's equity and for Kaisha Company (assume the year ends on December 31, 20x7).
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...