5.3A (Algo) Preparing financial statements from the worksheet. LO 5-4 The completed worksheet for Chavarria Corporation as of December 31, 20X1, after the company had completed the first month of operation, appears below. CHAVARRIA CORPORATION Worksheet Month Ended December 31, 20x1 Adjusted Trial Trial Balance Adjustments Balance Account Nane Debit Credit Debit Credit Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit Cash 76,600 76,600 76,600 Accounts receivable: 11,400 11,4001 11,400 Supplies 8,900 5,400 3,500 3,500 Prepaid advertising 10,800 1,800 9,000 9,000 Equipent 100,000 Accundlated depreciation-Equipment 100,000 100,000 2,000 2,000 2,000 Accounts payable Isabel Chavarria, Capital 11,400 107,400 11,400 11,400 107,400 107,400 Isabel Chavarria, Drawing 6,600 6.600 6,600 Fees Income 112,9001 112,900 112,900 Supplies expense: 5,400 5,400 Advertising expense 5,400 Depreciation expense-Equipment 1,800 2,000 1,800 1,800 Salaries expense 16,200 Utilities expense 1,200 2,000 16,2001 1,200 2,000 16,200 1,200 Totals Net income 231,700 231,700 9,200. 9,200 233,700 233,700 26,600 112,900 207,100 120,800 86,300 86,300 112,900 112,900 207,100 207,100 Required: 1. Prepare an income statement. 2. Prepare a statement of owner's equity. The owner made no additional investments during the month, 3. Prepare a balance sheet Analyze: If the adjustment to Prepaid Advertising had been $3,600 instead of $1,800, what net income would have resulted? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Analyze Prepare an income statement. Revenue Expenses Total expenses CHAVARRIA CORPORATION Income Statement. Month Ended December 31, 20X1 Required 1 Required 2 > Analyze: If the adjustment to Prepaid Advertising had been $3,600 instead of $1,800, what net incom Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Analyze Prepare a statement of owner's equity. The owner made no additional investments during the m CHAVARRIA CORPORATION Statement of Owner's Equity Month Ended December 31, 20X1 Required 1 Required 3 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Analyze Prepare a balance sheet. CHAVARRI CORPORATION Balance Sheet December 31, 20X1 Assets Total Assets Liabilities and Owner's Equity Liabilities Owner's equity Total Liabilities and Owner's Equity < Required 2 Analyze > Salaries expense Utilities expense Totals Net income. Required: 16,200 1,200 231,700 231,700 9,200 16,200 1,200 9,200 233,700 233,700 16,200 1,200 1. Prepare an income statement. 2. Prepare a statement of owner's equity. The owner made no additional investments during the month. 3. Prepare a balance sheet. 26,600 112 86,300 112,900. 112 Analyze: If the adjustment to Prepaid Advertising had been $3,600 instead of $1,800, what net income would have resulted? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Analyze If the adjustment to Prepaid Advertising had been $3,600 instead of $1,800, what net income would have resulted? Net income