Answered step by step
Verified Expert Solution
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started