Using the following trial balance and adjustment data for Vivian’s Repair
Co. of Windsor, prepare:
1. A worksheet for October
2. An income statement for October, a statement of owner’s equity for October, and a balance sheet as of October 31, 2013
Adjustment Data
a. One-quarter of the prepaid insurance has expired.
b. Repair supplies on hand, $795.
c. Amortization on repair equipment is based on the straight-line approach, with a 10-year life and a residual value of $1,200.
d. Amortization on building is also straight-line, 50-year life, and no residual value.
e. Wages earned but unpaid amounted to 76 hours at $14 per hour at month-end.