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FINANCIAL STATEMENTS PREPARATION PROBLEM: The following are the accounts included in the Trial Balance of Maria Jasmine's business (named Maria Jasmine Park Place) as of
FINANCIAL STATEMENTS PREPARATION PROBLEM: The following are the accounts included in the Trial Balance of Maria Jasmine's business (named Maria Jasmine Park Place) as of Dec. 31, 2005. Cash - 241,000 Office supplies expense - 8,000 Rent expense - 180,000 Leasehold Improvements - 504,000 Furniture & Fixtures - 30,000 14% Notes Payable - 400,000 Maria Jasmine, Capital - 144,500 Parking Fees Income - 854,800 Accounts receivable - 176,000 Prepaid insurance - 4,800 Accumulated Depreciation - Furniture & Fixtures - 3,000 Accounts payable - 35,000 Salaries expense - 186,000 Utilities expense - 96,000 Interest income - 14,000 Advances from Tenants - 15,000 Maria Jasmine, withdrawals - 85,500 Accumulated depreciation - Leasehold Improvements - 42,000 Allowance for bad debts - 3,000 REQUIRED: Prepare the 1. Income Statement 2. Statement of Changes in Owner's Equity 3. Balance Sheet IMPORTANT: MAKE SURE THAT THE BALANCE SHEET'S TOTAL ASSETS IS EQUAL TO TOTAL LIABILITIES + OWNER'S EQUITY
FINANCIAL STATEMENTS PREPARATION The following are the accounts included in the Trial Balance of Maria Jasmine's business (named Maria Jasmine Park Place) as of Dec. 31, 2005: \begin{tabular}{l|r|} & \\ & 241,000 \\ \hline Cash & 8,000 \\ \hline Office supplies expense & 180,000 \\ \hline Rent expense & 504,000 \\ \hline Leasehold Improvements & 30,000 \\ \hline Furniture \& Fixtures & 400,000 \\ \hline 14\% Notes Payable & 144,500 \\ \hline Maria Jasmine, capital & 854,800 \\ \hline Parking Fees Income & 176,000 \\ \hline Accounts receivable & 4,800 \\ \hline Prepaid insurance & 3,000 \\ \hline Accumulated depreciation- furniture \& fixtures & 35,000 \\ \hline Accounts payable & 186,000 \\ \hline Salaries expense & 96,000 \\ \hline Utilities expense & 14,000 \\ \hline Interest income & 15,000 \\ \hline Advances from Tenants & 85,500 \\ \hline Maria Jasmine, withdrawals & 42,000 \\ \hline Accumulated depreciation -Leasehold Improvemen & 3,000 \\ \hline Allowance for bad debts & \\ \hline & \\ \hline Requirement: & \\ \hline 1. Prepare the Income Statement & \\ \hline 2. Prepare the Balance Sheet & \\ \hline 3. Prepare the Statement of Changes in Owner's Equity \\ \hline \end{tabular}
FINANCIAL STATEMENTS PREPARATION
PROBLEM: The following are the accounts included in the Trial Balance of Maria Jasmine's business (named Maria Jasmine Park Place) as of Dec. 31, 2005.
Cash - 241,000
Office supplies expense - 8,000
Rent expense - 180,000
Leasehold Improvements - 504,000
Furniture & Fixtures - 30,000
14% Notes Payable - 400,000
Maria Jasmine, Capital - 144,500
Parking Fees Income - 854,800
Accounts receivable - 176,000
Prepaid insurance - 4,800
Accumulated Depreciation - Furniture & Fixtures - 3,000
Accounts payable - 35,000
Salaries expense - 186,000
Utilities expense - 96,000
Interest income - 14,000
Advances from Tenants - 15,000
Maria Jasmine, withdrawals - 85,500
Accumulated depreciation - Leasehold Improvements - 42,000
Allowance for bad debts - 3,000
REQUIRED: Prepare the
1. Income Statement
2. Statement of Changes in Owner's Equity
3. Balance Sheet
IMPORTANT: MAKE SURE THAT THE BALANCE SHEET'S TOTAL ASSETS IS EQUAL TO TOTAL LIABILITIES + OWNER'S EQUITY
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