Question
Part 7: Prepare Financial Statements Prepare the financial statements for Smart Touch Learning for the month of December. Remember that the business started operations this
Part 7: Prepare Financial Statements
Prepare the financial statements for Smart Touch Learning for the month of December. Remember that the business started operations this month so all beginning balances were 0. For the Statement of Retained Earnings and the Balance Sheet, enter any decreases with a negative sign or parentheses.
| SMART TOUCH LEARNING | ||
|---|---|---|
| Adjusted Trial Balance | ||
| December 31, 2016 | ||
| Balance | ||
| Account Title | Debit | Credit |
| Cash | 49,760 | |
| Accounts Receivable | 1,600 | |
| Office Supplies | 390 | |
| Prepaid Insurance | 1,275 | |
| Furniture | 11,700 | |
| Accumulated Depreciation - Furniture | 100 | |
| Salaries Payable | 1,000 | |
| Unearned Revenue | 4,000 | |
| Common Stock | 40,800 | |
| Dividends | 3,900 | |
| Service Revenue | 28,900 | |
| Salaries Expense | 3,700 | |
| Depreciation Expense - Furniture | 100 | |
| Insurance Expense | 425 | |
| Utilities Expense | 300 | |
| Rent Expense | 1,600 | |
| Supplies Expense | 50 | |
| Total | 74,800 | 74,800 |
| Adjusted Trial BalanceBalance SheetDecember 31, 2016Income StatementMonth ended December 31, 2016Smart Books LearningSmart Touch LearningStatement of Retained Earnings | ||
|---|---|---|
| Adjusted Trial BalanceBalance SheetDecember 31, 2016Income StatementMonth ended December 31, 2016Smart Books LearningSmart Touch LearningStatement of Retained Earnings | ||
| Adjusted Trial BalanceBalance SheetDecember 31, 2016Income StatementMonth ended December 31, 2016Smart Books LearningSmart Touch LearningStatement of Retained Earnings | ||
| Revenues: | ||
| Expenses: | ||
| Total Expenses | ||
| Net Income | ||
| Adjusted Trial BalanceBalance SheetDecember 31, 2016Income StatementMonth ended December 31, 2016Smart Books LearningSmart Touch LearningStatement of Retained Earnings | |
|---|---|
| Adjusted Trial BalanceBalance SheetDecember 31, 2016Income StatementMonth ended December 31, 2016Smart Books LearningSmart Touch LearningStatement of Retained Earnings | |
| Adjusted Trial BalanceBalance SheetDecember 31, 2016Income StatementMonth ended December 31, 2016Smart Books LearningSmart Touch LearningStatement of Retained Earnings | |
| DividendsNet income for the monthRetained Earnings, December 1, 2016Retained Earnings, December 31, 2016 | |
| DividendsNet income for the monthRetained Earnings, December 1, 2016Retained Earnings, December 31, 2016 | |
| DividendsNet income for the monthRetained Earnings, December 1, 2016Retained Earnings, December 31, 2016 | |
| DividendsNet income for the monthRetained Earnings, December 1, 2016Retained Earnings, December 31, 2016 | |
| Adjusted Trial BalanceBalance SheetDecember 31, 2016Income StatementMonth ended December 31, 2016Smart Books LearningSmart Touch LearningStatement of Retained Earnings | ||||||
|---|---|---|---|---|---|---|
| Adjusted Trial BalanceBalance SheetDecember 31, 2016Income StatementMonth ended December 31, 2016Smart Books LearningSmart Touch LearningStatement of Retained Earnings | ||||||
| Adjusted Trial BalanceBalance SheetDecember 31, 2016Income StatementMonth ended December 31, 2016Smart Books LearningSmart Touch LearningStatement of Retained Earnings | ||||||
| Assets | Liabilities | |||||
| Total Liabilities | ||||||
| Stockholders' Equity | ||||||
| Less: | ||||||
| Total Stockholders' Equity | ||||||
| Total Assets | Total Liabilities and Stockholders' Equity | |||||
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Essentials of Accounting for Governmental and Not-for-Profit Organizations
Authors: Paul A. Copley
10th Edition
007352705X, 978-0073527055
