Question 4

At end of its fiscal year, the adjusted trial balance of Carla Vista Company is as follows:

CARLA VISTA COMPANY

Adjusted Trial Balance

July 31, 2017

Debit

Credit

Cash

$4,560

Accounts receivable

11,420

Prepaid rent

500

Supplies750

Debt investments8,000

Equipment19,950

Accumulated depreciationequipment

$5,700

Patents

18,300

Accounts payable

4,275

Interest payable

750

Unearned revenue

2,050

Notes payable (due on July 1, 2019)

45,900

B. Carla Vista, capital

28,285

B. Carla Vista, drawings

16,800

Service revenue74,900

Interest revenue320

Depreciation expense2,850

Interest expense3,000

Rent expense18,550

Salaries expense36,650

Supplies expense20,850

$162,180

$162,180

Make an income statement for the year. Mr. Carla Vista invested $5,000 cash in the business during the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

CARLA VISTA COMPANY

Income Statement

$

$

$

Make a statement of owner's equity for the year. Mr. Carla Vista invested $5,000 cash in the business during the year. (List items that increase owner's equity first.)

CARLA VISTA COMPANY

Statement of Owner's Equity

$

:

:

$

$

Make a classified balance sheet at July 31, 2017. (List Current Assets in order of liquidity.)

CARLA VISTA COMPANY

Balance Sheet

Assets

$

$

:

$

Liabilities and Owner's Equity

$