Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

HELP ASAP PLEASE! i need the income statement, statent of owners equity and thr balance sheet please! Instructions Bob Night opened The General's Favorite Fishing

HELP ASAP PLEASE! i need the income statement, statent of owners equity and thr balance sheet please!
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Instructions Bob Night opened The General's Favorite Fishing Hole in Aort with a $90,000 investment. The work sheet prepared after the first month of operations is shown. The General's Favorite Fishing Hole Work Sheet For the Month Ended April 30,20 ACCOUNT TITLE TRIAL BALANCE TRIAL BALANCE ADIUSTMENTS ADJUSTMENTS ADJUSTED TRIAL BALANCE DEBIT CREDIT DEBIT CREDIT DEBIT Cash 130,650.00 150,650.00 500.00 100.00 400.00 50,700.00 38,700.00 8.000.00 1,500.00 7,500.00 9,000.00 50,000.00 Office Supplies Food Supplies Prepaid Insurance Fishing Boats Accumulated Depreciation Fishing Boats Accounts Payable 10 Wages Payable 1 Bob Night, Capital 60,000.00 1,000.00 66,500.00 500.00 90,000.00 Comprehensive Problem Instructions Chart of Accounts Label and Amount Descriptions Income Statement Instructions 30,700.00 8.000.00 38.700.00 9,000.00 60,000.00 1.500.00 7.500.00 60,000.00 1,000.00 Food Supplies Prepaid insurance Fishing Boats Accumulated Depreciation Fishing Boats Accounts Payable Wages Payable Bob Night, Capital Bob Night Drawing 66,500.00 500.00 90,000.00 6,000.00 6,000.00 Registration Fees 171,700.00 Wages Expense 500.00 40,500.00 40,000.00 40,000.00 40,000.00 400.00 400.00 30,700.00 30,700.00 1,200.00 Rent Expense Office Supplies Expense Food Supplies Expense Phone Expense Utilities Expense Insurance Expense Postage Expense Depreciation Expense Fishing Boats 1,200.00 2.000.00 2,000.00 1,500.00 1,500.00 150.00 150.00 1,000.00 1,000.00 Chart of Accounts CHART OF ACCOUNTS TO The General's Favorite Fishing Hole Fig General Ledger ac Ad ASSETS REVENUE wa 101 Cash 401 Registration Fees BO 122 Accounts Receivable EXPENSES d 142 Office Supplies Rel W 144 Food Supplies 145 Prepaid Insurance 181 Fishing Boats 181.1 Accumulated Depreciation-Fishing Boats 511 Wages Expense 521 Rent Expense 523 Office Supplies Expense 524 Food Supplies Expense 525 Phone Expense Re Of FO LIABILITIES 533 Utilities Expense PH 535 Insurance Expense 202 Accounts Payable Ut 219 Wages Payable 536 Postage Expense 542 Depreciation Expense-Fishing Boats Ing EQUITY of Accounts 101 Cash 401 Registration Fees 122 Accounts Receivable 142 Office Supplies EXPENSES 144 Food Supplies 145 Prepaid Insurance 181 Fishing Boats 181.1 Accumulated Depreciation-Fishing Boats 511 Wages Expense 521 Rent Expense 523 Office Supplies Expense 524 Food Supplies Expense 525 Phone Expense 533 Utilities Expense 535 Insurance Expense 536 Postage Expense 542 Depreciation Expense-Fishing Boats LIABILITIES 202 Accounts Payable 219 Wages Payable EQUITY 311 Bob Night, Capital 312 Bob Night, Drawing 313 Income Summary ti Labels and Amount Descriptions Labels April 30, 20- Current Assets Current Liabilities U Expenses For Month Ended April 30, 20-- Property, Plant, and Equipment Revenues ul Amount Descriptions ts P! Bob Night, Capital, April 1, 20-- Bob Night, Capital, April 30, 20-- Decrease in Capital 91 Increase in Capital gh Investments During April at Net Income EX Net Loss Total Assets Su Sup Total Current Assets Total Current Liabilities Total Expenses ES Work Labels and Amount Descriptions Income Statement 7. Prepare the income statement Income Statement Instructions The General's Favorite Fishing Hole Income Statement (Label) 1 (Label) 2 3 (Label) 4 5 6 7 8 erk Statement of Owner's Equity 7. 8. Prepare the statement of owner's equity. 100.C Ind 700C Statement of Owner's Equity Instructions 500.0 000.0 The General's Favorite Fishing Hole Statement of Owner's Equity (Labely 500.0 1 2 1 3 2 5 5 4 4 5 7 6 7 1 * Balance Sheet 8. 9. Prepare the balance sheet St. Balance Sheet Instructions The General's Favorite Fishing Hole Balance Sheet (Label) 1 2 1 Assets 2 Label) 4 3 5 4 6 5 7 6 7 1

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding Financial Accounting

Authors: Christopher D. Burnley

3rd Canadian Edition

1119715474, 9781119715474

More Books

Students also viewed these Accounting questions

Question

What is the persons job (e.g., professor, student, clinician)?

Answered: 1 week ago