Question
3 [30 points] The trial balance shown below has been prepared for Barton Corporation as of May 31, 2014, the company's first month of operations.
3 [30 points] The trial balance shown below has been prepared for Barton Corporation as of May 31, 2014, the company's first month of operations. Use this information to prepare the income statement and statement of changes in equity for the month ended May 31 along with the May 31 balance sheet. Be sure to select the correct company and date for each given financial statement. Barton Corporation Trial Balance May 31, 2014 Accounts payable. Advertising expense. Commissions earned Dividends Insurance expense Debit Credit 67,000 68,500 71,500 15,000 20,500 Notes receivable 221,000 Prepaid insurance, 41,500 Property taxes payable... 28,000 Rent earned. Share capital 46,500 153,500 Totals 366,500 366,500 (select one) Income Statement (select one) (select one) Statement of Changes in Equity (select one) Share Retained Total Capital Earnings Equity acundva SAUDINCUL 20,000 Notes receivable. 221,000 Prepaid insurance 41,500 Property taxes payable 28,000 Rent earned Share capital. 46,500 153,500 Totals 366,500 366,500 (select one) Balance Sheet (select one) (select one) Statement of Changes in Equity (select one) Share Retained Total Capital Earnings Equity Official Time: 12:10:07 SUBMIT AND MARK SAVE AND CLOSE
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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