The account balances for the Patterson International Company on January 31, 2019, follow. The balances shown are after the first month of operations.

101		Cash	$	36,950		401		Fees Income	$	61,850
111		Accounts Receivable		6,800		511		Advertising Expense		3,000
121		Supplies		4,300		514		Depr. ExpenseEquip.		0
131		Prepaid Insurance		30,000		517		Insurance Expense		0
141		Equipment		48,000		518		Rent Expense		5000
142		Accum. Depr.Equip.		0		519		Salaries Expense		13,400
202		Accounts Payable		12,000		520		Supplies Expense		0
301		Roger Patterson, Capital		80,000		523		Telephone Expense		700
302		Roger Patterson, Drawing		4,000		524		Utilities Expense		1,700

Adjustments:

1. Supplies used during the month amounted to $2,100.
2. The amount in the Prepaid Insurance account represents a payment made on January 1, 2019, for six months of insurance coverage.
3. The equipment, purchased on January 1, 2019, has an estimated useful life of 10 years with no salvage value. The firm uses the straight-line method of depreciation.

Required:

3. Complete the worksheet.
4. Prepare an income statement, Statement of owners equity and balance sheet.
5. Record the balances in the general ledger accounts, then journalize and post the adjusting entries.

Analyze: If the useful life of the equipment had been 12 years instead of 10 years, how would net income have been affected?

Reg 3 Req 4 Inc Stmt Req 4 Stmt of OE Reg 5 Gen Journal Req 5 Ledgers Analyze Sheet Complete the worksheet. PATTERSON INTERNATIONAL COMPANY Worksheet Month Ended January 31, 2019 Trial Balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit Account Name Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Roger Patterson, Capital Roger Patterson, Drawing Fees Income Advertising Expense Depreciation Expense-Equipment Insurance Expense Rent Expense Salaries Expense Supplies Expense Telephone Expense Utilities Expense Totals Net Income Req3 Req 4 Inc Stmt Req 4 Stmt of Req 4 Bal Sheet OE Reg 5 Gen Journal Reg 5 Ledgers Analyze Prepare an income statement. PATTERSON INTERNATIONAL COMPANY Income Statement Month Ended January 31, 2019 Revenue Expenses Total expenses ......... ... .......... Req3 Reg 4 Inc Stmt Reg 4 Stmt of OE Reg 4 Bal Sheet Reg 5 Gen Journal Req 5 Ledgers Analyze Prepare a statement of owner's equity. PATTERSON INTERNATIONAL COMPANY Statement of Owner's Equity Month Ended January 31, 2019 Reg 3 Req 4 Inc Stmt Req 4 Stmt of OE Reg 4 Bal Sheet Reg 5 Gen Journal Req 5 Ledgers Analyze Prepare a balance sheet. PATTERSON INTERNATIONAL COMPANY Balance Sheet January 31, 2019 Assets Total Assets Liabilities and owner's equity Liabilities Owner's Equity Total Liabilities and Owner's Equity Dortmeer con la Req3 Reg 4 Inc Stmt Reg 4 Stmt of OE OE Reg 4 Bal Sheet Reg 5 Gen Journal Reg 5 Ledgers Analyze Journalize the adjusting entries for the year 2019. View transaction list Journal entry worksheet Analyze: If the useful life of the equipment had been 12 years instead of 10 years, how would net income have been affected? Complete this question by entering your answers in the tabs below. Req3 Req 4 Inc Stmt Req 4 Stmt of OE Req 4 Bal Sheet Req 5 Gen Journal Req 5 Ledgers Analyze If the useful life of the equipment had been 12 years instead of 10 years, how would net income have been affected? (Do not round intermediate calculations. Round final answer to two decimal places.) Net income would have been