• I need some assistance with creating income statement, statement of equity and a balance sheet.

ACC2310 PRACTICAL APPLICATI0N: ASSIGNMENT #1 INSTRUCTIONS This assignment should be completed using this word document. Assignments need to be submitted on or before the due date specified by the instructor. Consult the course calendar for assignment due dates. Your2 assignment grade and the marked file With Feedback will be available for your review through the Gradebook once it has been marked. Scroll past the grade to the individual questions to see comments and corrections This assignment is worth 10% of your final grade and is out of 73 marks. Grading Rubric Criteria Exceeds Requirements Meets Requirements Financial Statements Accurately Pepares 100% of the Income Statement, Statement of Equity and Balance Sheet Prepares a minimum of the Income Statement, Statement of Equity and Balance Sheet (29) Accurately prepares 100% of the Journal Entries Posts correctly to all T accounts and accurately prepared the Trial Balance (21-28) Accurately prepares a minimum of 70% of the Journal Entries Posts correctly to all T accounts and accurately prepared the Trial Balance (31-43) Journal Entries, Posting to T accounts and Preparing a Trial Balance (44) Comments Weighted Average Meets Requirements but Needs Work Prepares a minimum of 50-69% of the Income Statement, Statement of Equity and Balance Sheet Does Not Meet Requirements (16-20) Accurately prepares a 50- 69 of the Journal Entries Posts correctly to all T accounts and accurately prepared the Trial Balance (21-30) (0-15) Accurately prepares less than 50% of the Journal Entries Posts correctly to all T accounts and accurately prepared the Trial Balance (0-22) Grade Prepares less than 50 of the Income Statement, Statement of Equity and Balance Sheet Total /73 /10 Question 1: 29 marks The following is a trial balance from Mikes Mighty Mechanics Shop at December 31, 2011 Mikes Mighty Mechanics Shop Trial Balance For the Year Ended December 31, 2011 Account Cash Accounts Rec. Inventory Prepaid Rent Furniture Accumulated AmortizationFurniture Accounts Payable Salary Payable Unearned Revenue Mikes, Capital Mikes, Withdrawals Sales Revenue Sales Discounts Sales Returns and Allowances Wages Expense Salary Expense Rent Expense Utilities Expense Amortization ExpenseFurniture Dr. Cr. 25 12 30 3 10 4 15 5 4 60 2 97 4 2 45 36 3 11 2 185 185 Required: Prepare an Income Statement, Statement of Equity and a Balance Sheet, all in good form. A) Prepare an Income Statement in good form as demonstrated in the lesson content and in the text: 11 marks B) Prepare a Statement of Equity in good form as demonstrated in the lesson content and in the text: 5 marks C) Prepare a Balance Sheet in good form as demonstrated in the lesson content and in the text: 13 marks Questions 2: 44 marks Ambitious Emir started an event coordinating business in April 2014. The following transactions relate to the first month of business: April 1 To begin the business Emir invested $9,000 cash and $10,000 of equipment. April 2 Emir paid $3,000 rent for 6 month in advance. April 5 Purchased $5,000 office equipment on account. April 6 Bought supplies of $250 paying cash. April 9 Collected $2,000 for a wedding reception party . April 12 Emir paid his $80 home utility bill using a company cheque. April 20 Billed Amy Jones $4,000 for office part event completed. April 23 Received a bill for advertising in the local paper, $200. Will pay in June. April 26 Paid Salaries, $600 to employees. April 30 Paid $2,000 of the amount owed for the office equipment. April 31 Paid telephone bill of company, $70. A) Prepare the journal entries to record these transactions. 22 marks Date Apr 1 Apr 2 Apr 5 Apr 6 Apr 9 Account Title Debit Credit Apr 12 Apr 20 Apr 23 Apr 26 Apr 30 Apr 31 B) Post the Journal Entries to T accounts 14 marks Cash Accounts Receivable Supplies Prepaid Rent Office Equipment Equipment Accounts Payable Withdrawals Capital Fees Earned Advertising Expense Salaries Expense Telephone Expense C) Trial Balance 8 marks Emir Event Services Trial Balance April 30 2014 Account Title Cash Accounts Receivable Prepaid Rent Supplies Office Equipment Accumulated Amortization- Office Equipment Equipment Accounts Payable Salaries Payable Emir, Capital Emir, Withdrawal Fees Earned Salaries Expense Advertising Expense Telephone Expense Total Debit Credit