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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. (Note that the Balance Sheet's Total Assets must be exactly equal to the Total Liabilities + Owner's Equity.) 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 (TOTAL ASSETS MUST BE 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|r|} \hline & & \\ \hline Cash & & 241,000 \\ \hline Office supplies expense & 8,000 \\ \hline Rent expense & 180,000 \\ \hline Leasehold Improvements & 504,000 \\ \hline Furniture \& Fixtures & 30,000 \\ \hline 14% Notes Payable & 400,000 \\ \hline Maria Jasmine, capital & 144,500 \\ \hline Parking Fees Income & 854,800 \\ \hline Accounts receivable & 176,000 \\ \hline Prepaid insurance & 4,800 \\ \hline Accumulated depreciation- furniture \& fixtures & 3,000 \\ \hline Accounts payable & 35,000 \\ \hline Salaries expense & 186,000 \\ \hline Utilities expense & 96,000 \\ \hline Interest income & 14,000 \\ \hline Advances from Tenants & 15,000 \\ \hline Maria Jasmine, withdrawals & & 85,500 \\ \hline Accumulated depreciation -Leasehold Improvemen & 42,000 \\ \hline Allowance for bad debts & 3,000 \\ \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. (Note that the Balance Sheet's Total Assets must be exactly equal to the Total Liabilities + Owner's Equity.)
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 (TOTAL ASSETS MUST BE EQUAL TO TOTAL LIABILITIES + OWNER'S EQUITY)
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