Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

asap Shawna Cameron started Southgate Inc. on July 1, 2014. The adjusted trial balance shown below has been prepared for Southgate Inc. as of July

image text in transcribed

asap

Shawna Cameron started Southgate Inc. on July 1, 2014. The adjusted trial balance shown below has been prepared for Southgate Inc. as of July 31, 2014. Use this information to prepare the income statement and statement of changes in equity for the month ended July 31 along with the July 31 balance sheet. Southgate Inc. Adjusted Trial Balance July 31, 2014 (select one) Income Statement (select one) Accumulated depreciation, automobiles Accumulated depreciation, equipment Automobiles Consulting revenue earned Depreciation expense, automobiles Depreciation expense, equipment Dividends Equipment Insurance expense Interest earned Interest receivable Prepaid insurance Property taxes expense Property taxes payable Rent earned Salaries expense Salaries payable Share capital Unearned consulting revenue Totals Debit Credit 15,500 16,000 105,500 109,000 15,500 16,000 20,000 95,000 22,000 10,000 8,500 38,500 27,000 19,000 110,500 110,000 73,500 67,000 37,500 458,000 458,000 (select one) Statement of Changes in Equity (select one) Share Retained Total Capital Earnings Equity X ++ (select one) Balance Sheet (select one)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Practical Pension Scheme Accounting

Authors: Shona Harvie, Joanne Scriven, Phil Spary

2nd Edition

1526508974, 9781526508973

More Books

Students also viewed these Accounting questions