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A Company Income Statement For Month ending 06/30/20XX Revenues Total Revenues $ Operating Expenses: Total Operating Expenses: Net Income As of June 30,20XX Assets Current
A Company Income Statement For Month ending 06/30/20XX Revenues Total Revenues $ Operating Expenses: Total Operating Expenses: Net Income As of June 30,20XX Assets Current Assets: \begin{tabular}{|l|l|} \hline & \\ \hline & \\ \hline & \\ \hline Total Current Assets & \\ \hline & - \\ \hline & \\ \hline & \\ \hline Non-Current Assets: & \\ \hline \multicolumn{2}{|c|}{} \\ \hline Total Non Current/Fixed Assets & \\ \hline \end{tabular} Total Assets: Liabilities and Owners' Equity Current Liabilities: \begin{tabular}{|l|c|} \hline & \\ \hline & \\ \hline Total Current Liabilities & - \\ \hline Long Term Liabilities: & \end{tabular} Long Term Liabilities: Total Long Term Liabilities: Total Liabilities: Owner's Equity \begin{tabular}{|l|c|} \hline & \\ \hline & \\ \hline Total Equity & - \\ \hline & \\ \hline & \\ \hline Total Liabilities \& Equity & - \\ \hline \end{tabular} Report Financial Results: Use the account balances from the Trial Balance generated through the recording process in Milestone One to prepare the income statement, statement of owner's equity, and balance sheet for the company. Then close temporary account balances using closing entries in the final step. Be sure to revisit any feedback received from Milestone One and make necessary corrections to ensure that statements are completed with accurate balance information. (You may refer to the blank Company Accounting Workbook Template if necessary, but keep in mind that your work for this milestone should be added to the work that was completed in your workbook for the previous milestone. You should also implement any feedback that was given during Milestone One.) Specifically, you must address the following rubric criteria: - Income Statement: Prepare the income statement using the adjusted trial balance - Statement of Owner's Equity: Prepare the statement of owner's equity using the adjusted trial balance. - Balance Sheet Assets: Prepare the balance sheet asset entries using the adjusted trial balance. - Balance Sheet Liabilities: Prepare the balance sheet liabilities entries using the adjusted trial balance. - Closing Entries: Complete the "Closing Entries" tab of the company accounting workbook by closing all temporary income statement amounts to create closing entries. Trial Balance As of 06/30/20XX \begin{tabular}{l|r|r|} \hline \multicolumn{1}{|c|}{ Account } & \multicolumn{1}{c|}{ Debit } & \multicolumn{1}{c|}{ Credit } \\ \hline Cash & 50,650.00 & \\ \hline Accounts Receivable & 2,975.00 & \\ \hline Prepaid Rent & 7,170.00 & \\ \hline Prepaid Insurance & 750.00 & \\ \hline Vehicle & 15,000.00 & \\ \hline Office Supplies & 750.00 & \\ \hline Accumulated Depreciation & & 250.00 \\ \hline Notes Payable & & 25,000.00 \\ \hline Accounts Payable & & 155.00 \\ \hline Wages Payable & & 325.00 \\ \hline Owner's Capital & & 50,000.00 \\ \hline Owner Draws & 1,000.00 & \\ \hline Service Revenue & & 5,525.00 \\ \hline Rent Expense & 1,195.00 & \\ \hline Business License Expense & 250.00 & \\ \hline Telephone Expense & 155.00 & \\ \hline Repairs and Maintenance Expense & 210.00 & \\ \hline Advertising Expense & 250.00 & \\ \hline Wages Expense & 650.00 & \\ \hline Depreciation Expense & 250.00 & \\ \hline Total: & 81,255.00 & \\ \hline \end{tabular} A Company Closing Entries Month ending 06/30/20XX \begin{tabular}{|c|l|l|l|} \hline Date & Accounts & Debit & Credit \\ \hline 30-Jun & & & \\ \hline & & & \\ \hline & Close revenues & & \\ \hline 30-Jun & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & Close Expenses & & \\ \hline & & & \\ \hline 30Jun & & & \\ \hline & & & \\ \hline & Close Income Summary & & \\ \hline & & & \\ \hline 30Jun & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular}
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