Question
Exercise 4-9 Okabe Company ended its fiscal year on July 31, 2017. The company's adjusted trial balance as of the end of its fiscal year
Exercise 4-9
Okabe Company ended its fiscal year on July 31, 2017. The company's adjusted trial balance as of the end of its fiscal year is shown below.
OKABE COMPANY
Adjusted Trial Balance
July 31, 2017
No.
Account Titles
Debit
Credit
101Cash$8,100
112Accounts Receivable9,000
157Equipment16,000
158Accumulated Depreciation-Equip.$7,600
201Accounts Payable4,600
208Unearned Rent Revenue1,900
301Owner's Capital44,600
306Owner's Drawings15,700
400Service Revenue63,000
429
Rent Revenue6,700
711Depreciation Expense8,800
726Salaries and Wages Expense56,200
732Utilities Expense14,600
$128,400
$128,400
you have to construct an income statement for the year.(Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
OKABECOMPANY
Income Statement
For the Month Ended July 31, 2017
July 31, 2017
For the Year Ended July 31, 2017
Drawings
Expenses
Net Income / (Loss)
Owner's Capital, August 1, 2011
Owner's Capital, July 31, 2012
Revenues
Total Expenses
Total Revenues
$
Drawings
Expenses
Net Income / (Loss)
Owner's Capital, August 1, 2011
Owner's Capital, July 31, 2012
Revenues
Total Expenses
Total Revenues
$
Drawings
Expenses
Net Income / (Loss)
Owner's Capital, August 1, 2011
Owner's Capital, July 31, 2012
Revenues
Total Expenses
Total Revenues
$
Drawings
Expenses
Net Income / (Loss)
Owner's Capital, August 1, 2011
Owner's Capital, July 31, 2012
Revenues
Total Expenses
Total Revenues
Drawings
Expenses
Net Income / (Loss)
Owner's Capital, August 1, 2011
Owner's Capital, July 31, 2012
Revenues
Total Expenses
Total Revenues
$
SHOW LIST OF ACCOUNTS
LINK TO TEXT
you need to develop an owner's equity statement for the year. Okabe did not make any capital investments during the year.
OKABE COMPANY
Owner's Equity Statement
For the Month Ended July 31, 2017
July 31, 2017
For the Year Ended July 31, 2017
Drawings
Expenses
Net Income / (Loss)
Owner's Capital, August 1, 2016
Owner's Capital, July 31, 2017
Revenues
Total Expenses
Total Revenues
$
Less
Add
:
Drawings
Expenses
Net Income / (Loss)
Owner's Capital, August 1, 2016
Owner's Capital, July 31, 2017
Revenues
Total Expenses
Total Revenues
Drawings
Expenses
Net Income / (Loss)
Owner's Capital, August 1, 2016
Owner's Capital, July 31, 2017
Revenues
Total Expenses
Total Revenues
Drawings
Expenses
Net Income / (Loss)
Owner's Capital, August 1, 2016
Owner's Capital, July 31, 2017
Revenues
Total Expenses
Total Revenues
$
SHOW LIST OF ACCOUNTS
LINK TO TEXT
you need to produce a classified balance sheet at July 31.(List Current Assets in order of liquidity.)
OKABECOMPANY
Balance Sheet
July 31, 2017
For the Month Ended July 31, 2017
For the Year Ended July 31, 2017
Assets
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Property, Plant and Equipment
Owner's Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Owner's Equity
Total Long-term Investments
Total Long-Term Liabilities
Total Property, Plant and Equipment
Total Owner's Equity
$
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Property, Plant and Equipment
Owner's Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Owner's Equity
Total Long-term Investments
Total Long-Term Liabilities
Total Property, Plant and Equipment
Total Owner's Equity
$
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Property, Plant and Equipment
Owner's Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Owner's Equity
Total Long-term Investments
Total Long-Term Liabilities
Total Property, Plant and Equipment
Total Owner's Equity
Add
Less
:
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Property, Plant and Equipment
Owner's Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Owner's Equity
Total Long-term Investments
Total Long-Term Liabilities
Total Property, Plant and Equipment
Total Owner's Equity
$
Liabilities and Owner's Equity
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Property, Plant and Equipment
Owner's Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Owner's Equity
Total Long-term Investments
Total Long-Term Liabilities
Total Property, Plant and Equipment
Total Owner's Equity
$
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Property, Plant and Equipment
Owner's Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Owner's Equity
Total Long-term Investments
Total Long-Term Liabilities
Total Property, Plant and Equipment
Total Owner's Equity
$
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Property, Plant and Equipment
Owner's Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Owner's Equity
Total Long-term Investments
Total Long-Term Liabilities
Total Property, Plant and Equipment
Total Owner's Equity
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Property, Plant and Equipment
Owner's Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Owner's Equity
Total Long-term Investments
Total Long-Term Liabilities
Total Property, Plant and Equipment
Total Owner's Equity
$
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