Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please assist with the following question(s) by using the partial work sheet below. INCOME STATEMENT From the partial work sheet for Case Advising below, prepare

Please assist with the following question(s) by using the partial work sheet below.

INCOME STATEMENT From the partial work sheet for Case Advising below, prepare an income statement. (Net income $1990.00)

STATEMENT OF OWNERS EQUITY From the partial work sheet below, prepare a statement of owners equity, assuming no additional investment was made by the owner. (Capital 1/31: $5,190)

BALANCE SHEET From the partial work sheet below, prepare a balance sheet. (Total assets $6390.00)

Work Sheet (Partial)

For Month Ended January 31, 20 - -

ACCOUNT TITLE

INCOME STATEMENT

BALANCE SHEET

DEBIT

CREDIT

DEBIT

CREDIT

1

Cash

1

2

1

2

00

1

2

Accounts Receivable

8

9

6

00

2

3

Supplies

4

8

2

00

3

4

Prepaid Insurance

9

0

0

00

4

5

Office Equipment

3

0

0

0

00

5

6

Accum. Depr.Office Equipment

1

0

0

00

6

7

Accounts Payable

1

0

0

0

00

7

8

Wages Payable

2

0

0

00

8

9

Bill Case, Capital

4

0

0

0

00

9

10

Bill Case, Drawing

8

0

0

00

10

11

Advising Fees

3

7

9

3

00

11

12

Wages Expense

8

0

0

00

12

13

Advertising Expense

8

0

00

13

14

Rent Expense

5

0

0

00

14

15

Supplies Expense

1

2

0

00

15

16

Telephone Expense

5

8

00

16

17

Electricity Expense

4

4

00

17

18

Insurance Expense

3

0

00

18

19

Gas and Oil Expense

3

8

00

19

20

Depr. ExpenseOffice Equipment

1

0

0

00

20

21

Miscellaneous Expense

3

3

00

21

22

1

8

0

3

00

3

7

9

3

00

7

2

9

0

00

5

3

0

0

00

22

23

Net Income

1

9

9

0

00

1

9

9

0

00

23

24

3

7

9

3

00

7

2

9

0

00

7

2

9

0

00

7

2

9

0

00

24

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Beyond Agile Auditing Three Core Components To Revolutionize Your Internal Audit Practices

Authors: Clarissa Lucas

1st Edition

1950508676, 978-1950508679

More Books

Students also viewed these Accounting questions

Question

What is the major difference between repressing and P/M forging?

Answered: 1 week ago