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Financial statements After reviewing the adjusted trial balance, you are now asked to prepare the following financial statements: Income statement. This statement is prepared to help assess the financial performance of the business. It summarizes the income earned and expenses incurred over the month of June. Statement of changes in owner's equity. This statement shows the movements in equity over the month of June. Balance sheet. This statement reports the financial position of the business at the end of June. It presents the assets, liabilities and equity of the business as at June 30, 2021. Instructions for financial statements Using the accounting policies of the business found in the policies and procedures popup, and appropriate information from previous pages of the practice set: 1) Prepare an income statement for the month of June. To begin, select the appropriate accounts using a popup link. Next, enter all values as positive amounts because amounts to be subtracted are indicated on the income statement with brackets around the input box. Note that you are required to select income or loss from a drop-down list. Brackets will be displayed if you select loss. You may not need to use all of the lines in the income statement. 2) Prepare a statement of changes in owner's equity for the month of June. Most values are to be entered in the input boxes as positive amounts, because amounts to be subtracted are already indicated on the statement with brackets around the input box. Note that you are required to select income/loss from a drop-down list. Brackets will be displayed if you select loss. 3) Prepare a balance sheet as at the end of June. To begin, select the appropriate accounts using a popup link. Note that when you select an account, brackets may automatically appear around the input box in which you are asked to enter the balance of the account. Next, enter all values as positive amounts because amounts to be subtracted will be indicated on the balance sheet with brackets around the input box. You may not need to use all of the lines in the balance sheet. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. Remember: Remember to enter all answers to the nearest whole dollar. Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all financial statements have been completed. Show All Income Statement Changes in Equity Balance Sheet Mercedes-Blends Mercedes Blends Income Statement For the month ended June 30, 2021 Revenues $ $ (select) (select) (select) select) Total revenues Expenses (select) (select) select) (select) Illllll (select) (select) (select) Total expenses Net Mercedes-Blends Mercedes Blends Statement of Changes in Owner's Equity For the month ended June 30, 2021 $ D. Ramsey, Capital, June 1, 2021 Investments by the owner Net v for the period Withdrawals by owner D. Ramsey, Capital, June 30, 2021 Mercedes-Blends Mercedes Blends Balance Sheet June 30, 2021 $ $ $ Assets Current assets select) (select) (select) select) select) select) Total current assets O Property, plant and equipment (select) select) (select) (select) select) select) Total property, plant and equipment Total assets Liabilities Current liabilities select) select) (select) (select) select) select) Total current liabilities Long-term liabilities (select) (select) (select) (select) (select) (select) Total liabilities Equity (select) (select) (select) (select) Total liabilities and equity Total current liabilities Long-term liabilities (select) (select) (select) (select) (select) (select) Total liabilities Equity (select) (select) (select) (select) Total liabilities and equity Mercedes Blends Adjusted Trial Balance June 30, 2021 Debit Credit Account No. Name 100 Cash 110 Accounts Receivable 217,090 12,800 1,008 6,000 55,000 549 840 8,400 130 Office Supplies 140 Prepaid Rent 160 Coffee Making Equipment 161 Accum Depn: Coffee Making Equipment 210 Accounts Payable 220 Wages Payable 221 Telephone Payable 225 Interest Payable 230 Unearned Revenue 250 Bank Loan Payable 300 Capital 310 Income Summary 350 Withdrawals 110 870 1,800 174,000 103,000 2,000 400 Revenues 25,700 14,900 260 516 Wages Expense 541 Telephone Expense 543 Rent Expense 544 Office Supplies Expense 560 Depn Expense: Coffee Making Equipment 571 Interest Expense 3,000 1,792 549 870 Total 315,269 315,269