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The accounts of Able Computer Repair Inc. and their normal bakances at March 31, 2018, follow. The accounts are listed in no particular order. at
The accounts of Able Computer Repair Inc. and their normal bakances at March 31, 2018, follow. The accounts are listed in no particular order.
at Ma 8, listin Data table Account Common stock.. Insurance expense Accounts payable Service revenue. Land. Supplies expense Cash. Salaries expense Building. Rent expense. ACCE **** *** Dividends... Utilities expense.. Retained earnings Print Balance $ 144,400 750 3,900 41,400 89,000 1,200 5,500 9,500 145,000 5,000 5,000 1,600 13,600 Done - X - This c est expen Accounts receivable. Notes payable Supplies Print MITM N 44 Done 8,000 68,000 750 Requirement 1. Prepare the company's trial balance at March 31, 2018, listing accounts in the proper order List the largest expense first, the second largest expense next, and so on Able Computer Repair, Inc. Trial Balance March 31, 2018 Account Debit Credit Requirement 2. Prepare the month-end financial statements income statement, statement of retained eamings, and balance sheet. The Retained earnings balance of $13,000 is the beginning balance for the month has not be updated for the current month's income or loss Start by preparing the income statement Revenue Expenses Able Computer Repair, Inc. Income Statement For the Month Ended March 31, 2018 Total Expenses Net income ITunes 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 abilities and stockholders' equity sections of the statement ( a box is not used in the statement, leave the box empty, do not selectat label or enter a nero) Total assets Assets Able Computer Repair, Inc. Balance Sheet March 31, 2018 Total bes Liabilities Stockholders' Equity Total stockholders' equity Total abilities and stockholdens equity Requirement 3. Was March a profitable month for Able Computer Repair, Inc.? Why or why not? a profitable month as apparent from the Step by Step Solution
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