Answered step by step
Verified Expert Solution
Question
1 Approved Answer
MY Autobody's adjusted trial balance on December 31, 2023, appears in the work sheet as follows: No. 101 Account Cash Debit $ 28,100 Credit
MY Autobody's adjusted trial balance on December 31, 2023, appears in the work sheet as follows: No. 101 Account Cash Debit $ 28,100 Credit 124 Shop supplies 1,850 128 Prepaid insurance 4,300 167 Equipment 88,500 168. Accumulated depreciation, equipment 7,600 201 Accounts payable 19,100 210 Wages payable 8,960 301 Mike Yang, capital 141,000 302 Mike Yang, withdrawals 36,500 401 Repair revenue 158,530 612 Depreciation expense, equipment 8,600 623 Wages expense 104,600 637 Insurance expense 1,950 640 Rent expense 52,850 650 Office supplies expense 4,900 690 Utilities expense 3,040 Totals $335,190 $335,190 There were no investments by the owner during the year. Prepare an income statement for the year ended December 31, 2023. Revenues MY AUTOBODY Income Statement For Year Ended December 31, 2023 There were no investments by the owner during the year. Prepare an income statement for the year ended December 31, 2023. Revenues: MY AUTOBODY Income Statement For Year Ended December 31, 2023 Operating expenses: Total operating expenses Prepare a statement of changes inequity for the year ended December 31, 2023. MY AUTOBODY Statement of Changes in Equity For Year Ended December 31, 2023 Mike Yang, capital, January 1 Mike Yang, capital, December 31 Current assets: Total current assets Property, plant and equipment Total assets Current liabilities: Total current liabilities Total liabilities and equity MY AUTOBODY Balance Sheet December 31, 2023 Assets Liabilities Equity
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