Question
Prepare an income statement and a statement of owners equity for the year ended December 31, 2019 and a classified balance sheet as of December
Prepare an income statement and a statement of owners equity for the year ended December 31, 2019 and a classified balance sheet as of December 31, 2019. These items are taken from the financial statements of Sean McCann, CPA for 2019. Sean McCann, capital 1/1/19 $106,000 Sean McCann, Drawing 10,000 Equipment 130,000 Accumulated depreciation (equip) 32,000 Accounts payable 10,600 Cash 33,800 Supplies 7,000 Salaries payable 6,000 Fees earned 136,000 Salaries expense 66,000 Rent expense 14,200 Supplies expense 1,600 Depreciation expense 4,000 Utilities expense 2,400 Accounts receivable 28,000 Mortgage payable (due 12/31/35) 6,400
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started