Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with the balance sheet please and owner's capital for the Owner's equity statement. The trial balance columns of the worksheet for Cullumber

I need help with the balance sheet please and owner's capital for the Owner's equity statement.

The trial balance columns of the worksheet for Cullumber Roofing at March 31, 2022, are as follows.

Cullumber Roofing Worksheet For the Month Ended March 31, 2022
Trial Balance
Account Titles Dr. Cr.
Cash 4,500
Accounts Receivable 2,800
Supplies 2,370
Equipment 11,088
Accumulated DepreciationEquipment 1,260
Accounts Payable 2,200
Unearned Service Revenue 680
Owner's Capital 12,898
Owner's Drawings 1,180
Service Revenue 6,600
Salaries and Wages Expense 1,360
Miscellaneous Expense 340
23,638 23,638

Other data:

1. A physical count reveals only $600 of roofing supplies on hand.
2. Depreciation for March is $252.
3. Unearned revenue amounted to $190 at March 31.
4. Accrued salaries are $700.

CULLUMBER ROOFING Worksheet choose the accounting period For the Year Ended March 31, 2022For the Month Ended March 31, 2022March 31, 2022
Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 4,500 enter a debit amount enter a credit amount enter an adjusted debit balance enter an adjusted credit balance enter a debit amount enter a credit amount enter a debit balance enter a credit balance
Accounts Receivable 2,800 enter a debit amount enter a credit amount enter an adjusted debit balance enter an adjusted credit balance enter a debit amount enter a credit amount enter a debit balance enter a credit balance
Supplies 2,370 enter a debit amount enter a credit amount enter an adjusted debit balance enter an adjusted credit balance enter a debit amount enter a credit amount enter a debit balance enter a credit balance
Equipment 11,088 enter a debit amount enter a credit amount enter an adjusted debit balance enter an adjusted credit balance enter a debit amount enter a credit amount enter a debit balance enter a credit balance
Accumulated DepreciationEquipment 1,260 enter a debit amount enter a credit amount enter an adjusted debit balance enter an adjusted credit balance enter a debit amount enter a credit amount enter a debit balance enter a credit balance
Accounts Payable 2,200 enter a debit amount enter a credit amount enter an adjusted debit balance enter an adjusted credit balance enter a debit amount enter a credit amount enter a debit balance enter a credit balance
Unearned Service Revenue 680

enter a debit amount

enter a credit amount

enter an adjusted debit balance

enter an adjusted credit balance

enter a debit amount

enter a credit amount

enter a debit balance

enter a credit balance

Owner's Capital 12,898 enter a debit amount enter a credit amount enter an adjusted debit balance enter an adjusted credit balance enter a debit amount enter a credit amount enter a debit balance enter a credit balance
Owner's Drawings 1,180 enter a debit amount enter a credit amount enter an adjusted debit balance enter an adjusted credit balance enter a debit amount enter a credit amount enter a debit balance enter a credit balance
Service Revenue 6,600 enter a debit amount enter a credit amount enter an adjusted debit balance enter an adjusted credit balance enter a debit amount enter a credit amount enter a debit balance enter a credit balance
Salaries and Wages Expense 1,360 enter a debit amount enter a credit amount enter an adjusted debit balance enter an adjusted credit balance enter a debit amount enter a credit amount enter a debit balance enter a credit balance
Miscellaneous Expense 340 enter a debit amount enter a credit amount enter an adjusted debit balance enter an adjusted credit balance enter a debit amount enter a credit amount enter a debit balance enter a credit balance
Totals 23,638 23,638
Supplies Expense enter a debit amount enter a credit amount enter an adjusted debit balance enter an adjusted credit balance enter a debit amount enter a credit amount enter a debit balance enter a credit balance
Depreciation Expense enter a debit amount enter a credit amount enter an adjusted debit balance enter an adjusted credit balance enter a debit amount enter a credit amount enter a debit balance enter a credit balance
Salaries and Wages Payable enter a debit amount enter a credit amount enter an adjusted debit balance enter an adjusted credit balance enter a debit amount enter a credit amount enter a debit balance enter a credit balance
Totals

enter a total for the debit column

enter a total for the credit column

enter a total for the debit column

enter a total fot the credit column

enter a total for the debit column

enter a total for the credit column

enter a total for the debit column

enter a total for the credit column

Net Income

enter a total net income or loss amount

enter a total net income or loss amount

enter a total net income or loss amount

enter a total net income or loss amount

Totals

enter a total of the two previous amounts

enter a total of the two previous amounts

enter a total of the two previous amounts

enter a total of the two previous amounts

Prepare an income statement for the month of March. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

CULLUMBER ROOFING Income Statement choose the accounting period For the Year Ended March 31, 2022March 31, 2022For the Month Ended March 31, 2022
select an opening name for section one DrawingsExpensesInvestmentsNet Income / (Loss)Owner's Capital, January 1Owner's Capital, March 31RevenuesTotal ExpensesTotal Revenues
enter an income statement item $enter a dollar amount
select an opening name for section two DrawingsExpensesInvestmentsNet Income / (Loss)Owner's Capital, January 1Owner's Capital, March 31RevenuesTotal ExpensesTotal Revenues
enter an income statement item $enter a dollar amount
enter an income statement item enter a dollar amount
enter an income statement item enter a dollar amount
enter an income statement item enter a dollar amount
select a closing name for section two DrawingsExpensesInvestmentsNet Income / (Loss)Owner's Capital, January 1Owner's Capital, March 31RevenuesTotal ExpensesTotal Revenues

enter a total amount for section two

select a closing name for this statement DrawingsExpensesInvestmentsNet Income / (Loss)Owner's Capital, January 1Owner's Capital, March 31RevenuesTotal ExpensesTotal Revenues $enter a total net income or loss amount

T. Cullumber made an additional investment in the business of $9,998 in March. Prepare an owner's equity statement for the month of March. (List items that increase owner's equity first.)

CULLUMBER ROOFING Owner's Equity Statement choose the accounting period For the Month Ended March 31, 2022For the Year Ended March 31, 2022March 31, 2022
select an opening name DrawingsExpensesInvestmentsNet Income / (Loss)Owner's Capital, March 1Owner's Capital, March 31RevenuesTotal ExpensesTotal Revenues $enter a dollar amount
select between addition and deduction AddLess:
select an item DrawingsExpensesInvestmentsNet Income / (Loss)Owner's Capital, March 1Owner's Capital, March 31RevenuesTotal ExpensesTotal Revenues enter a dollar amount
select an item DrawingsExpensesInvestmentsNet Income / (Loss)Owner's Capital, March 1Owner's Capital, March 31RevenuesTotal ExpensesTotal Revenues enter a dollar amount

enter a subtotal of the two previous amounts

enter a total amount for the first part

select between addition and deduction AddLess: select an item DrawingsExpensesInvestmentsNet Income / (Loss)Owner's Capital, March 1Owner's Capital, March 31RevenuesTotal ExpensesTotal Revenues

enter a dollar amount

select a closing name DrawingsExpensesInvestmentsNet Income / (Loss)Owner's Capital, March 1Owner's Capital, March 31RevenuesTotal ExpensesTotal Revenues $enter a total amount

(b3)

Prepare a classified balance sheet at March 31. (List Current Assets in order of liquidity.)

CULLUMBER ROOFING Balance Sheet choose the accounting period For the Month Ended March 31, 2022For the Year Ended March 31, 2022March 31, 2022
Assets
select an opening name for subsection one Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and Equipment
enter a balance sheet item $enter a dollar amount
enter a balance sheet item enter a dollar amount
enter a balance sheet item enter a dollar amount
select a closing name for subsection one Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and Equipment $enter a total amount for subsection one
select an opening name for subsection two Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and Equipment
enter a balance sheet item enter a dollar amount
select between addition and deduction AddLess:enter a balance sheet item

enter a dollar amount

enter a subtotal of the two previous amounts

select a closing section name for this part of the balance sheet Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and Equipment $enter a total amount for this part of the balance sheet
Liabilities and Owner's Equity
select an opening name for subsection one Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and Equipment
enter a balance sheet item $enter a dollar amount
enter a balance sheet item enter a dollar amount
enter a balance sheet item

enter a dollar amount

select a closing name for subsection one Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and Equipment $enter a total amount for subsection one of the second part of the balance sheet
select an opening section name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and Equipment
enter a balance sheet item

enter a dollar amount

select a closing name for this part of the balance sheet Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and Equipment $enter a total amount for this part of the balance sheet

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

Step: 3

blur-text-image

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

Managerial Accounting

Authors: John J. Wild, Ken W. Shaw

2010 Edition

9789813155497, 73379581, 9813155493, 978-0073379586

More Books

Students also viewed these Accounting questions

Question

What is an (a) outlier? (b) extreme outlier?

Answered: 1 week ago