Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Below is Bretman Services' financial accounting information for the year ending September 30, 2019. Using this information, prepare the Income Statement, Statement of Owners' Equity

Below is Bretman Services' financial accounting information for the year ending September 30, 2019. Using this information, prepare the Income Statement, Statement of Owners' Equity and then the Balance Sheet for the end of September 2019.

Bretman Services Trial Balance September 30, 2019
Account Title Debit Credit
Cash $21,850
Accounts Receivable 2,050
Prepaid Insurance 2,070
Equipment 7,000
Accumulated Depreciation 1,700
Accounts Payable 6,500
Unearned Revenue 540
Bank Loan 7,000
Service Revenue 15,400
Insurance Expense 1,190
Depreciation Expense 770
Rent Expense 1,020
Salaries Expense 1,610
Telephone Expense 210

Note: Eston, Capital on October 1, 2018 was $11,000. During the year, the owner withdrew $5,500 for personal use. At the end of the year, the owner made an additional investment of $1,130. Do not enter dollar signs, negative signs, or commas in the input boxes.

Bretman Services Income Statement For the Year Ending September 30, 2019
Service Revenue Answer
Expenses:
Insurance Expense Answer
Depreciation Expense Answer
Rent Expense Answer
Salaries Expense Answer
Telephone Expense Answer
Total Expenses Answer
Net Income (Loss) Answer

Bretman Services Statement of Owner's Equity For the Year Ending September 30, 2019
Eston, Capital at October 1, 2018 Answer
Add:
Additional Investments Answer
Net Income (Loss) Answer Answer
Subtotal Answer
Less:
Eston, Withdrawals Answer
Eston, Capital at September 30, 2019 Answer

Bretman Services Balance Sheet As at September 30, 2019
Assets:
Cash Answer
Accounts Receivable Answer
Prepaid Insurance Answer
Equipment Answer
Accumulated Depreciation Answer Answer
Total Assets Answer
Liabilities:
Accounts Payable Answer
Unearned Revenue Answer
Bank Loan Answer
Total Liabilities Answer
Eston, Capital at September 30, 2019 Answer
Liabilities & Owner's Equity Answer

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

Accounting Principles

Authors: Jerry J. Weygandt, Valerie A. Kinnear, Donald E. Kieso, Paul D. Kimmel, Barbara A. Trenholm, Joan E. Barlow

6th Canadian Edition

1118557301, 978-1118557303

More Books

Students also viewed these Accounting questions