Part c

Financial Statements Based on NE Company's Final Trial Balance at January 31, 2005 that follows, prepare an Income Statement, a Balance Sheet and a Statement of Owner's Equity for the month ended January 31, 2005. \\ (Account groupings tabtes have been included in the Answer Sheets section. The inventory amounts, the opening owner '5 equity, and the current portion of longterm debt have been completed for you. Round all amounts to the nearest dollar.) NE Company FINAL TRIAL BALANCE, JANUARY 31, 2005 GENERAL LEDGER Page 2 Account Name G/L Account Number Debit Credit Balance forward 780,656.03 142,099.37 Provincial Sales Tax Payable 2065 3,210.05 GST Input Tax Credits Receivable 2070 1,818.61 GST Payable 2071 2,817.09 Payroll Clearing 207: Long-Term Debt 2110 165,000.00 Sally Gosling, Capital 3010 . 552,314.10 Sally Gosling, Drawings 3020 100.000.00 Sales 4000 40,725.00 Sales Returns & Allowances 4010 1.289.00 Sales Discounts 4020 C 752.00 Interest Revenue 4100 Purchases 5000 18,000.00 Purchase Returns & Allowances 5010 1,200.00 Purchase Discounts 5020 1,800.00 Salaries and Wages 6010 1,445.89 Employer's Payroll Deductions 6020 95.08 Rent 6030 800.00 Repairs & Maintenance 6040 562.00 Balance forward 905,418.61 909,165.61NE Company FINAL TRIAL BALANCE, JANUARY 31, 2005 GENERAL LEDGER Page 3 G/L Account Account Name Debit Credit Number Balance forward 905,418.61 909,165.61 Utilities 6045 597.00 Travel & Entertainment 6050 70.00 Office Supplies 6060 870.00 Leases-Equipment 6065 310.00 Bank Charges & Interest 6070 150.00 Professional Fees 6080 250.00 Depreciation 6090 689.00 Property Taxes 6100 171.00 Insurance 6110 300.00 Fees & Dues 6120 340.00 TOTAL 909,165.61 909,165.61