Oliver Nicholas, the owner of Nicholas Marketing Services, prepared the following trial balance at December 31, 2021.
Question:
Oliver Nicholas, the owner of Nicholas Marketing Services, prepared the following trial balance at December 31, 2021.
Instructions
a. Prepare an income statement for the year ended December 31.
b. Prepare a statement of owner?s equity for the year ended December 31.
c. Prepare a balance sheet at the end of December 2021.
Taking it further
Discuss how well the company performed.
Balance SheetBalance 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...
NICHOLAS MARKETING SERVICES Trial Balance December 31, 2021 Debit Credit S 5,500 20,380 Cash Accounts receivable Supplies Prepaid insurance Prepaid rent Equipment Unearned revenue 3,320 4,450 2,265 27,400 $ 2,500 Notes payable O. Nicholas, capital O. Nicholas, drawings 15,000 34,460 3,600 Service revenue 35,800 Interest expense Rent expense Salaries expense Telephone expense 150 6,600 12,555 1,540 $87,760 $87,760
Step by Step Answer:
a b NICHOLAS MARKETING SERVICES Statement of Owners Equity Year Ended December 31 2021 O Nicholas ca...View the full answer
Accounting Principles Volume 1
ISBN: 978-1119502425
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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