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Question 3 [30 points] The trial balance shown below has been prepared for Southgate Inc. as of September 30, 2014, the company's first month of
Question 3 [30 points] The trial balance shown below has been prepared for Southgate Inc. as of September 30, 2014, the company's first month of operations. Use this information to prepare the income statement and statement of changes in equity for the month ended September 30 along with the September 30 balance sheet. Be sure to select the correct company and date for each given financial statement. Southgate Inc. Trial Balance September 30, 2014 (select one) Income Statement (select one) X Accounts payable Commissions earned Consulting revenue earned Dividends Equipment Interest earned Interest payable Land Office salaries expense Office supplies expense Prepaid insurance Share capital Totals Debit Credit 56,500 122,000 124,500 38,500 64,000 18,000 17,000 137,000 116,500 91,500 17,000 126,500 464,500 464,500 (select one) Statement of Changes in Equity (select one) Share Retained Total Capital Earnings Equity X X X X Commissions earned Consulting revenue earned Dividends Equipment Interest earned Interest payable Land Office salaries expense Office supplies expense Prepaid insurance Share capital Totals 122,000 124,500 38,500 64,000 18,000 17,000 137.000 116,500 91.500 17,000 126,500 464,500 464,500 (select one) Statement of Changes in Equity (select one) Share Retained Total Capital Earnings Equity X X (select one) Balance Sheet (select one)
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