Question
1. Prepare in good format, an income statement. 2. Prepare in good format, a statement of owner's equity. 3. Prepare a classified year-end balance sheet.
1. Prepare in good format, an income statement.
2. Prepare in good format, a statement of owner's equity.
3. Prepare a classified year-end balance sheet.
(Note: a $9,000 installment on the long-term note is due within one year.)
| Account | Debit | Credit |
Money | $ 112,000 | |
accounts receivable | 27,000 | |
prepaid rent | 15,000 | |
prepaid insurance | 9,000 | |
Office supplies | 3,300 | |
Office team | 38,000 | |
Accumulated Depreciation-Equipment | $3,200 | |
Building | 288,000 | |
Accumulated Depreciation–Building | 42,000 | |
Tierra | 700,000 | |
Accounts payable | 25,800 | |
Salaries to pay | 14,500 | |
interest to pay | 2,500 | |
Long-term note payable | 72,000 | |
P. Blessinger, Capital | 910,000 | |
P. Blessinger, Retreats | 200,500 | |
Earned Service Fees | 430,800 | |
salary expenses | 90.000 | |
insurance costs | 5,200 | |
Rental costs | 5,000 | |
Depreciation Expense–Equipment | 800 | |
Depreciation Expense–Building | 7,000 | |
Total |
Step by Step Solution
3.33 Rating (144 Votes )
There are 3 Steps involved in it
Step: 1
1 Income Statement Income Earned Service Fees 430800 Expenses Salary Expenses 90000 Insurance ...
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Accounting An Introduction to Concepts, Methods and Uses
Authors: Roman L. Weil, Katherine Schipper, Jennifer Francis
14th edition
978-1111823450, 1-133-36617-1 , 1111823456, 978-1-133-3661, 978-1133591023
