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Question 3: From the following data, prepare the 3 financial statements (Omit the Statement of Cash Flow) for Steve Simpson. (30 minutes) Cash $26,300 Salaries
Question 3: From the following data, prepare the 3 financial statements (Omit the Statement of Cash Flow) for Steve Simpson. (30 minutes) Cash $26,300 Salaries Payable $ 3,500 Accounts Receivable $ 8,000 Accounts Payable $ 4,000 Rent Revenue $ 6,000 Interest Revenue $ 1,500 Interest Receivable $ 2,000 Consulting Fees Earned $45,000 Land $50,000 Unearned Revenue $ 7,000 S, Simpson, Withdrawal $ 5,000 Rent Expense $ 12,000 Salaries Expense $ 10,000 Telephone Expense 850 Insurance Expense $ 900 Advertising Expense $ 600 Miscellaneous Expense $ 150 S. Simpson, Beginning Capital $200,000 Prepaid Expense $ 1,200 Building $ 150,000
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