Question
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 | ||||||||||||||||||||
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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 | ||
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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 | ||
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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 |
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