Please, I need help! I need help fixing the errors, completing the financial statements and providing a report summarizing the analysis of the company's financial statements.
Income statement is missing rent expense and insurance expense. Statement of OE is missing net income. BS Assets - prepaid rent is overstated, prepaid insurance should be an expense because we used some. I can see where your thought was though. Closing Entries - missing the entry that closes net income out to owners capital. [Note: To complete this template, replace the bracketed text with your own content. Remove this note before you submit your report.] Summary Report: Financial Statements Eor your project submission, build on the work you did for your milestones and complete the financial statements tor the company in the project scenario. You should submit your company accounting workbook and a separate eeport summarizing your analysis of the company's financial statements. Your submission should be a complete, polished artifact reflecting the incorporation of feedback gained throughout the course. Trial Balance As of 03/31/20XX Unadjusted trial balance A B Income Statement For Month ending 3/31/20XX Revenues Operating Expenses: Business License Advertising Expense Utility Expense Maintenance Expense Depreciation Expense Wage Expense \begin{tabular}{|r|rr|} \hline & $ & 250.00 \\ \hline & $ & 500.00 \\ \hline & $ & 135.00 \\ \hline & $ & 95.00 \\ \hline & $ & 45.83 \\ \hline & $ & 275.00 \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & 1,300.83 \\ \hline \end{tabular} Net Income 4,924.17 A Company Balance Sheet As of March 31,20X. Assets Liabilities and Owners' Equity Current Assets: Current Liabilities: \begin{tabular}{|l|r|} \hline Cash & 138,515.00 \\ \hline Prepaid Rent & 1,900.00 \\ \hline Supplies & 215.00 \\ \hline Accounts Receivable & 3,500.00 \\ \hline Prepaid Insurance & 750.00 \\ \hline Total Current Assets & 144,880.00 \\ \hline \end{tabular} \begin{tabular}{|l|r|} \hline Wages Payable & 275.00 \\ \hline Utilities Payable & 135.00 \\ \hline Total Current Liabilities & 410.00 \\ \hline Long Term Liabilities: & \\ \hline Total Long Term Liabilities: & 125,000.00 \\ \hline \end{tabular} \begin{tabular}{|l|r|} \hline Total Liabilities: & 125,410.00 \\ \hline \end{tabular} Owner's Equity Non-Current Assets: \begin{tabular}{|l|r|} \hline Furniture & 2,750.00 \\ \hline Accumulated Depreciation & (45.83) \\ \hline Total Non Current/Fixed Assets & 2,704.17 \\ \hline & \\ \hline \end{tabular} \begin{tabular}{|l|r|} \hline Capital & 22,174.17 \\ \hline & \\ \hline & \\ \hline Total Equity & 22,174.17 \\ \hline \end{tabular} \begin{tabular}{|l|r|} \hline Total Assets: & 147,584.17 \\ \hline \end{tabular} A Company Closing Entries Month ending 03/31/20XX The following events occurred in March: - March 1: Owner borrowed $125,000 to fund/start the business. The loan term is 5 years. - March 1: Owner paid $250 to the county for a business license. - March 2: Owner signed lease on office space; paying first (March 20XX) and last month's rent of $950 per month. - March 5: Owner contributed office furniture valued at $2,750 and cash in the amount of $15,000 to the business. - March 6: Owner performed service for client in the amount of $650. Customer paid in cash. - March 8: Owner purchased advertising services on account in the amount of $500. - March 10: Owner provided services to client on account, in the amount of $1,725. - March 15: Owner paid business insurance in the amount of $750. - March 20: The owner received first utility bill in the amount of $135, due in April. - March 20: Office copier required maintenance; owner paid $95.00 for copier servicing. - March 22: Owner withdrew $500 cash for personal use. - March 25: Owner paid $215 for office supplies. - March 25: Owner provided service to client in the amount of $350. Client paid at time of service. - March 30: Owner paid balance due for advertising expense purchase on March 8. - March 30: Received payment from customer for March 10 invoice in the amount of $1,725. - March 31: Last day of pay period; owner owes part-time worker $275 for the March 16 through March 31 pay period. This will be paid on April 5. - March 31: Provided service for client on account in the amount of $3,500. - March 31: Record depreciation of the office furniture at $45.83. Income statement is missing rent expense and insurance expense. Statement of OE is missing net income. BS Assets - prepaid rent is overstated, prepaid insurance should be an expense because we used some. I can see where your thought was though. Closing Entries - missing the entry that closes net income out to owners capital. [Note: To complete this template, replace the bracketed text with your own content. Remove this note before you submit your report.] Summary Report: Financial Statements Eor your project submission, build on the work you did for your milestones and complete the financial statements tor the company in the project scenario. You should submit your company accounting workbook and a separate eeport summarizing your analysis of the company's financial statements. Your submission should be a complete, polished artifact reflecting the incorporation of feedback gained throughout the course. Trial Balance As of 03/31/20XX Unadjusted trial balance A B Income Statement For Month ending 3/31/20XX Revenues Operating Expenses: Business License Advertising Expense Utility Expense Maintenance Expense Depreciation Expense Wage Expense \begin{tabular}{|r|rr|} \hline & $ & 250.00 \\ \hline & $ & 500.00 \\ \hline & $ & 135.00 \\ \hline & $ & 95.00 \\ \hline & $ & 45.83 \\ \hline & $ & 275.00 \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & 1,300.83 \\ \hline \end{tabular} Net Income 4,924.17 A Company Balance Sheet As of March 31,20X. Assets Liabilities and Owners' Equity Current Assets: Current Liabilities: \begin{tabular}{|l|r|} \hline Cash & 138,515.00 \\ \hline Prepaid Rent & 1,900.00 \\ \hline Supplies & 215.00 \\ \hline Accounts Receivable & 3,500.00 \\ \hline Prepaid Insurance & 750.00 \\ \hline Total Current Assets & 144,880.00 \\ \hline \end{tabular} \begin{tabular}{|l|r|} \hline Wages Payable & 275.00 \\ \hline Utilities Payable & 135.00 \\ \hline Total Current Liabilities & 410.00 \\ \hline Long Term Liabilities: & \\ \hline Total Long Term Liabilities: & 125,000.00 \\ \hline \end{tabular} \begin{tabular}{|l|r|} \hline Total Liabilities: & 125,410.00 \\ \hline \end{tabular} Owner's Equity Non-Current Assets: \begin{tabular}{|l|r|} \hline Furniture & 2,750.00 \\ \hline Accumulated Depreciation & (45.83) \\ \hline Total Non Current/Fixed Assets & 2,704.17 \\ \hline & \\ \hline \end{tabular} \begin{tabular}{|l|r|} \hline Capital & 22,174.17 \\ \hline & \\ \hline & \\ \hline Total Equity & 22,174.17 \\ \hline \end{tabular} \begin{tabular}{|l|r|} \hline Total Assets: & 147,584.17 \\ \hline \end{tabular} A Company Closing Entries Month ending 03/31/20XX The following events occurred in March: - March 1: Owner borrowed $125,000 to fund/start the business. The loan term is 5 years. - March 1: Owner paid $250 to the county for a business license. - March 2: Owner signed lease on office space; paying first (March 20XX) and last month's rent of $950 per month. - March 5: Owner contributed office furniture valued at $2,750 and cash in the amount of $15,000 to the business. - March 6: Owner performed service for client in the amount of $650. Customer paid in cash. - March 8: Owner purchased advertising services on account in the amount of $500. - March 10: Owner provided services to client on account, in the amount of $1,725. - March 15: Owner paid business insurance in the amount of $750. - March 20: The owner received first utility bill in the amount of $135, due in April. - March 20: Office copier required maintenance; owner paid $95.00 for copier servicing. - March 22: Owner withdrew $500 cash for personal use. - March 25: Owner paid $215 for office supplies. - March 25: Owner provided service to client in the amount of $350. Client paid at time of service. - March 30: Owner paid balance due for advertising expense purchase on March 8. - March 30: Received payment from customer for March 10 invoice in the amount of $1,725. - March 31: Last day of pay period; owner owes part-time worker $275 for the March 16 through March 31 pay period. This will be paid on April 5. - March 31: Provided service for client on account in the amount of $3,500. - March 31: Record depreciation of the office furniture at $45.83
