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Gregory Cafe prepared the following trial balance at its year end of November 30, 2021. The company is owned by Bruce Gregory. Gregory Cafe Trial
Gregory Cafe prepared the following trial balance at its year end of November 30, 2021. The company is owned by Bruce Gregory. Gregory Cafe Trial Balance November 30, 2021 Account Titles DR CR Cash $14,300 Accounts Receivable $6,300 Inventory-Food $6,600 Prepaid Expenses $2,200 Equipment $40,100 Accumulated Depreciation $2,100 Accounts Payable $6,400 Unearned Revenue $5,100 Bank Loan $9,000 Gregory, Capital $39,230 Gregory, Withdrawals $1,800 Sales Revenue $54,170 Gain on Sale of Equipment $4,300 Cost of Sales $17,500 Advertising Expense $1,200 Depreciation Expense $2,100 Interest Expense $800 Rent Expense $14,900 Salaries & Wages Expense $12,500 Total $120,300 $120,300 Sales Revenue Gregory Cafe Income Statement For the Year Ended November 30, 2021 S Cost of Sales Gross Profit Operating Expenses Total Income Statement Operating Income Other Income and Expenses Net Income $ 16 $ $ " b) Prepare a statement of owner's equity. Gregory Cafe Statement of Owner's Equity For the Year Ended November 30, 2021 Gregory, Capital (Beginning) Add: Net Income Less: Gregory, Withdrawals Subtotal Gregory, Capital, November 30, 2021 c) Prepare a classified balance sheet. Gregory Cafe: Balance Sheet As at November 30, 2021 Assets Current Assets Total Current Assets Property and Equipment Total Property and Equipment Total Assets Liabilities. Current Liabilities Total Current Liabilities Long-Term Liabilities Total Long-Term Liabilities Total Liabilities Owner's Equity Total Owner's Equity Total Liabilities and Owner's Equity 0 = $ $ S $ S S =
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