Proviso Company had the following accounts and balances during 2010: Service Revenue, $26,400, Rent Expense, $2,400; Wages

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Proviso Company had the following accounts and balances during 2010: Service Revenue, $26,400, Rent Expense, $2,400; Wages Expense, $16,680; Advertising Expense, $2,700; Utilities Expense, $1,800; and Withdrawals, $1,400. In addition, the year-end balances of selected accounts were as follows: Cash, $3,100; Accounts Receivable, $1,500; Supplies, $200; Land, $2,000; Accounts Payable, $900; Investment by Owner, $2,480; and beginning capital balance of $2,000.

In proper format, prepare the income statements, statement of owner’s equity, and balance sheet for Proviso Company (assume the year ends on December 31, 2010).


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...
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Principles Of Financial Accounting

ISBN: 9780538755160

11th Edition

Authors: Belverd E Needles, Marian Powers

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