Activity 2

Table of Contents

Complete an income statement and a balance sheet using the completed work sheet below.

Accounts	Trial Balance		Income Statement		Balance Sheet
	Debit	Credit	Debit	Credit	Debit	Credit
Bank	$ 1,852.25				1,852.25
Accounts Receivable	15,325.00				15,325.00
Office Supplies	1,863.00				1,863.00
Furniture and Equipment	7,258.36				7,258.36
Land	45,500.00				45,500.00
Building	52,365.50				52,365.50
Automobiles	9,255.65				9,255.65
Trucks	36,252.95				36,252.95
Accounts Payable		$ 3,579.25				3, 579.25
HST Payable		730.00				730.00
HST Recoverable	450.00				450.00
Bank Loan		25,000.00				25,000.00
Mortgage Payable		75,000.00				75,000.00
Danielle Nowak, Capital		58,099.98				58,099.98
Danielle Nowak, Drawings	32,000.00				32,000.00
Fees Earned		125,254.00		125,254.00
Gas and Oil Expense	26,215.24		26,215.24
Insurance Expense	2,657.25		2,657.25
Miscellaneous Expense	1,526.85		1,526.85
Telephone Expense	965.32		965.32
Truck Repairs Expense	4,240.65		4,240.65
Utilities Expense	1,575.65		1,575.65
Wages Expense	48,359.56		48,359.56
	__________	__________	___________	__________	__________	_________
	$287,663.23	$287,663.23	85,540.52	125,254.00	202,122.71	162,409.23
	=========	==========	39,713.48			39,713.48
			125,254.00	125,254.00	202,122.71	202,122.71
			==========	=========	=========	========