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Prepare the balance sheet at August 31 (list assets in order of liquidity)

Question 3 of 3 IVANHOE COMPANY Trial Balance August 31, 2020 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. Cash $10,100 $10,100 Accounts Receivable 8.700 9,900 2,300 600 3,900 2,500 14,900 14.900 $3,400 $4,400 5.700 5.700 0 1.400 1.600 600 Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Owner's Capital Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense 16,100 16,100 34,200 35,400 11.100 12.100 17,200 18,600 0 1,700 15,000 15,000 0 1.400 0 1.000 $72.100 $72.100 $75,700 $75.700 Prepare the income statement for the year. IVANHOE COMPANY Income Statement For the Year Ended August 31, 2020 Revenues 35400 Service Revenue 12100 Rent Revenue Total Revenues 47500 Expenses Salaries and Wages Expense 18600 i 1700 i Supplies Expense Rent Expense 15000 Insurance Expense 1400 i 3000 Depreciation Expense Total Expenses 37700 Net Income /(Loss) 9800 (D) Your Answer Correct Answer Your answer is correct. Prepare the owner's equity statement for the year. IVANHOE COMPANY Owner's Equity Statement For the Year Ended August 31, 2020 Owner's Capital, September 1, 2019 16100 Add : Net Income /(Loss) 9800 Owner's Capital, August 31, 2020 25900 Question 3 013 Prepare the balance sheet at August 31. (List Assets in order of liquidity) IVANHOE COMPANY Balance Sheet Assets $ 1 Liabilities and Owner's Equity