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The accounts of Able Computer Repair, Inc., and their normal balances at March 31, 2018, follow. The accounts anellsted in no particular order. (Click the
The accounts of Able Computer Repair, Inc., and their normal balances at March 31, 2018, follow. The accounts anellsted in no particular order. (Click the icon to view the count bales) Read the quirements i Data Table Requirement 1. Prepare the company's trial balance al March 31, 2018, listing accounts in the proper order. Lis. the largest expense firel, the second largest experiee next, and so on. i Requirements Account Balance Able Computer Repair, Inc. Trial Balance March 31, 2018 Account 3 81.700 Credit 350 1. Prepare the company's trial balance at March 31, 2018, listing accounts in the proper ander List the largest expense first, the second largest expense next, and so on. 2. Prepare the month end financial statements: income statement, statement of retained camnings, and balance sheet. The Retained earrings balance of $9,700 is the beginning balance for the month; it has not been updated for the current month's income ar loss. 3. Was Marcha profilable month for Able Computer Repair, Inc? Why or why not? Common stack Insurance experse Accounts payable Service revenue Land Supplies expense Cash 2300 60 000 87.000 500 Print Done Salaries expanse JL IN 15.100 9,500 97.000 3.000 4.000 1,500 Building Rent expense Dividends. Llities expense Retained eaming Accounts receivable Noles payable..... Supplies 9.700 5.000 70.000 750 Print Done Tolal Requirement 2. Prepare the month-end financial statements: income statement, statement of retained earnings, and balance sheet. The Retained earnings balance of $9,700 is the beginning balance for the month; it has not been updated for the current month's income or loss. Start by preparing the income statement. Able Computer Repair, Inc. Income Statement For the Month Ended March 31, 2018 Revenue: Expenses: Total Expenses Net income Prepare the statement of retained earnings. Able Computer Repair, Inc. Statement of Retained Earnings For the Month Ended March 31, 2018 Add: Subtotal Less: Prepare the balance sheet. Start with the asset portion of the statement, and then complete the liabilities and stockholders' equity sections of the statement. (If a box is not used in the statement, leave the box empty; do not select a label or enter a zero Able Computer Repair, Inc. Balance Sheet March 31, 2018 Assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total assets Total liabilities and stockholders' equity Requirement 3. Was March a profitable month for Able Computer Repair, Inc.? Why or why not? V a profitable month as apparent from the
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