Answered step by step
Verified Expert Solution
Question
1 Approved Answer
prepare the financial statements of the Company: A) Statement of Comprehensive Income B) Statement of Financial Position C) Statement of Changes in Owner's Equity Accounts
prepare the financial statements of the Company:
A) Statement of Comprehensive Income
B) Statement of Financial Position
C) Statement of Changes in Owner's Equity
| Accounts Payable | 63,200.00 |
| Accounts Receivable | 74,100.00 |
| Accrued Expenses | 20,300.00 |
| Accrued Income | 5,000.00 |
| Accumulated Depreciation - Equipment | 20,000.00 |
| Accumulated Depreciation - Furniture | 10,000.00 |
| Bonds Payable | 1,500,000.00 |
| Capital | 517,685.00 |
| Cash in Bank | 280,000.00 |
| Cash on Hand | 35,000.00 |
| Depreciation Expense - Furniture | 500.00 |
| Depreciation Expense - Equipment | 1,985.00 |
| Equipment | 750,000.00 |
| Furniture | 96,000.00 |
| Interest Payable | 8,400.00 |
| Interest Receivable | 17,000.00 |
| Land | 1,500,000.00 |
| Mortgage Payable | 600,000.00 |
| Notes Payable (due after 15 months) | 45,000.00 |
| Notes Payable (due after 6 months) | 90,000.00 |
| Notes Receivable | 75,000.00 |
| Office Supplies Expense | 5,000.00 |
| Abel, Drawing | 3,000.00 |
| Prepaid Insurance | 15,000.00 |
| Prepaid Rent | 56,000.00 |
| Prepaid Supplies | 7,000.00 |
| Rent Expense | 10,000.00 |
| Representation Expense | 1,500.00 |
| Salaries Expense | 6,000.00 |
| Service Revenue | 34,000.00 |
| Unearned Revenue | 36,000.00 |
| Utilities Expense | 6,500.00 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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