Answered step by step
Verified Expert Solution
Question
1 Approved Answer
HELP PLZ! NEED ASAP 1.prepare the income statment 2. prepare the statement of owners equity 3. prepare the balance sheet Bob Night opened The General's
HELP PLZ! NEED ASAP
Bob Night opened The General's Favorite Fishing Hole in April 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 ADJUSTMENTS ADJUSTMENTS ADJUSTED TRIAL BALANCE 1 DEBIT CREDIT DEBIT CREDIT DEBIT 1 Cash 130,650.00 130,650.00 500.00 100.00 38,700.00 400.00 50,700.00 1,500.00 8,000.00 9,000.00 7.500.00 Office Supplies Food Supplies Prepaid Insurance Fishing Boats Accumulated Depreciation Fishing Boats Accounts Payable 30 Wages Payable BANG 60,000 DO 60,000.00 1,000.00 66,500.00 500.00 o non Instructions brk sheet prepared after the first month of operation is shown The General's Favorite Fishing Holo Work Sheet For the Month Ended April 30, 20.- BALANCE TRIAL BALANCE ADJUSTMENTS ADJUSTMENTS BALANCE SHEET ADRUSTED TRIAL BALANCE DEBIT BALANCE SHEET ADJUSTED TRIAL BALANCE CREDIT INCOME STATEMENT INCOME STATEMENT DEBIT DEBIT CREDIT DEBIT CREDIT CREDIT DEBIT CREDIT 15065000 150,650.00 100.00 100.00 150/650.00 500.00 38.700.00 9,000 DO 60,000.00 400.00 50.700.00 8.000.00 1.500.00 7,500.00 60,000.00 8.000.00 750000 60.000.00 1.000.00 1.000.00 1.000.00 66,500.00 66,500.00 66,500.00 500.00 500.00 500.00 con anon onnan Instructions Accounts Payable 66,500.00 10 Wages Payable 500.00 90,000.00 6,000.00 6,000.00 171.700.00 11 Sob Night Capital 1 Bob Noht, Drawing 11 Registration Fees 14 Wages Expense Rent Expense 14 Office Supplies Expense Food Supplies Expense 40,000.00 500.00 40,500.00 40,000.00 40,000,00 400.00 30,700.00 400.00 30,700.00 1.200.00 11 Phone Expense 1,200.00 2,000.00 2,000.00 1.500.00 1.500.00 Utilities Expense 20 Insurance Expense 21 Postage Expense 22 Depreciation Expense-Fishing Boats 150.00 150.00 1,000.00 1,000.00 $328,200.00 $328200.00 $34,100.00 554,100.00 5329,700.00 15 Net Income 23 heck My Work Instructions 66,500.00 66,500.00 500.00 500.00 66,500.00 500.00 90,000.00 90,000.00 6,000.00 90,000.00 6,000.00 6,000.00 171.700.00 171.700.00 171,700.00 40,000.00 500.00 40,500.00 40.000.00 40.500.00 40,000.00 40,000.00 400.00 400.00 30,700 DO 30.700.00 1,200.00 2,000.00 400.00 30,700.00 1.200.00 2.000.00 1,500.00 1,200.00 2,000.00 1,500.00 1.500.00 150.00 150.00 150.00 1,000.00 1,000.00 $34,100.00 1,000.00 117450,00 328,200.00 $528,200.00 $34.100.00 $329,700.00 $529,700.00 171.700.00 212.250.00 158,000.00 54,250.00 54.250,00 5171,700.00 5171,700.00 5217.250.00 $212,250.00 Check My Work CHART OF ACCOUNTS The General's Favorite Fishing Hole General Ledger ASSETS REVENUE 101 Cash 401 Registration Fees 122 Accounts Receivable EXPENSES 142 Office Supplies 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 LIABILITIES 533 Utilities Expense 202 Accounts Payable 535 Insurance Expense 219 Wages Payable 536 Postage Expense 542 Depreciation Expense-Fishing Boats Print Item Instructions Labels and Amount Descriptions Labels April 30, 20-- 6,000 , 6, Current Assets Current Liabilities 40,500 40, Expenses 40,000 40, For Month Ended April 30, 20-- Property, Plant, and Equipment 400 Revenues 30,700 1 1 1,200 1,200.00 2,000 2,000.00 1,500.00 1,500 150. 150.00 1 non 1.prepare the income statment
2. prepare the statement of owners equity
3. prepare the balance sheet
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started