Question
Consider the following worksheet for J. Tull, as of October 31 comma 201 X.October 31, 201X. LOADING... (Click the icon to view the worksheet.) From
Consider the following worksheet for
J. Tull,
as of October 31 comma 201 X.October 31, 201X.
LOADING...
(Click the icon to view the worksheet.)
From the completed worksheet, prepare
a. | an income statement for October. |
b. | a statement of owner's equity for October |
c. | a balance sheet as of October 31,201 Upper X201X. |
a. Prepare an income statement for
October
Begin by preparing the heading and then complete the rest of the statement.
J. Tull | ||
Income Statement | ||
| For the Month Ended October 31, 201X |
|
| Revenue: |
|
|
|
| Revenue from Clients |
| $46 |
|
| Operating Expense: |
|
|
|
| Rent Expense | $10 |
|
|
| Wage Expense | 14 |
|
|
| Store Supplies Expense | 2 |
|
|
| Insurance Expense | 1 |
|
|
| Depreciation Expense, Store Equipment | 4 |
|
|
| Total Operating Expenses |
| 31 |
|
| Net income |
| $15 |
|
b. Prepare a statement of owner's equity for
October
Start with the heading and then complete the rest of the statement. (There were no new investments from the owner during the accounting period.)
J. Tull | ||
Statement of Owner's Equity | ||
| For the Month Ended October 31, 201X |
|
| J. Tull, Capital, October 1, 201X |
| $5 | |
| Net Income for October | 15 |
| |
| Less: | Withdrawals for October | (1) |
|
| Increase | in Capital |
| 14 |
| J. Tull, Capital, October 31, 201X |
| $19 |
c. Prepare the balance sheet. Start with the heading, then complete the asset portion of the statement, and lastly, complete the liabilities and owner's equity sections of the statement. (For the asset portion of the statement, select the
long-term
asset account(s) last.)
| J. Tull | |
Balance Sheet | ||
October 31, 201X |
| Assets | |||
| Cash |
| $13 | |
| Accounts Receivable |
| 5 | |
| Prepaid Insurance |
| 9 | |
| Store Supplies |
| 7 | |
| Store Equipment | $11 |
| |
| Less: | Accumulated Depreciation, Store Equipment |
| |
|
|
|
| |
| Total assets |
|
|
J. Tull | |||||||||||
Worksheet | |||||||||||
Month Ended October 31, 201X | |||||||||||
|
| Trial Balance | Adjustments | Adjusted Trial Balance | Income Statement | Balance Sheet | |||||
| Account Titles | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit |
| Cash | 13 |
|
|
| 13 |
|
|
| 13 |
|
| Accounts Receivable | 5 |
|
|
| 5 |
|
|
| 5 |
|
| Prepaid Insurance | 10 |
|
| 1 | 9 |
|
|
| 9 |
|
| Store Supplies | 9 |
|
| 2 | 7 |
|
|
| 7 |
|
| Store Equipment | 11 |
|
|
| 11 |
|
|
| 11 |
|
| Accumulated Depreciation, Store Equipment |
| 1 |
| 4 |
| 5 |
|
|
| 5 |
| Accounts Payable |
| 13 |
|
|
| 13 |
|
|
| 13 |
| J. Tull, Capital |
| 5 |
|
|
| 5 |
|
|
| 5 |
| J. Tull, Withdrawals | 1 |
|
|
| 1 |
|
|
| 1 |
|
| Revenue from Clients |
| 46 |
|
|
| 46 |
| 46 |
|
|
| Rent Expense | 10 |
|
|
| 10 |
| 10 |
|
|
|
| Wage Expense | 6 |
| 8 |
| 14 |
| 14 |
|
|
|
| Totals | 65 | 65 |
|
|
|
|
|
|
|
|
| Depreciation Expense, Store Equipment |
|
| 4 |
| 4 |
| 4 |
|
|
|
| Insurance Expense |
|
| 1 |
| 1 |
| 1 |
|
|
|
| Store Supplies Expense |
|
| 2 |
| 2 |
| 2 |
|
|
|
| Wages Payable |
|
|
| 8 |
| 8 |
|
|
| 8 |
| Totals |
|
| 15 | 15 | 77 | 77 | 31 | 46 | 46 | 31 |
| Net Income |
|
|
|
|
|
| 15 |
|
| 15 |
| Totals |
|
|
|
|
|
| 46 | 46 | 46 | 46 |
PrintDone
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