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The completed worksheet for Cantu Corporation as of December 31, 2019, after the company had completed the first month of operation, appears below CANTU CORPORATION
The completed worksheet for Cantu Corporation as of December 31, 2019, after the company had completed the first month of operation, appears below CANTU CORPORATION Worksheet Month Ended December 31, 2019 Adjusted Trial Balance Income Statement Adjustments Trial Balance Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 77,400 12,200 10,500 15,600 65,000 Balance Sheet Account Name Cash Accounts Receivable Supplies Prepaid Advertising Equipment Accumulated Depreciation- Equipment Accounts Payable Selena Cantu, Capital Selena Cantu, Drawing Fees Income Supplies Expensie Advertising Expense Depreciation Expense- Equipment Salaries Expense Utilities Expense Totals 77,400 12,200 4,300 2,600 13,000 65,000 77,400 12,200 6,200 4,300 13,000 65,000 1,300 12,200 108,200 1,300 12,200 400 10800 108,200 1,300 12,200 108,200 7,400 7,400 86,700 86,700 86,700 6,200 2,600 1,300 17,000 2,000 6,200 2,600 6,200 2,600 1,300 17,000 2,000 1,300 17,000 2,000 207,100 207,100 10,100 10,100 208,400 208,400 29,100 86,700 179,300 121,700 57,600 86,700 86,700 179,300 179,300 Net Income 57,600 Required: .Prepare an income statement. 2. Prepare a statement of owner's equity. The owner made no additional investments during the month. 3. Prepare a balance sheet. Analyze: If the adjustment to Prepaid Advertising had been $5,200 instead of $2,600, what net income would have resulted
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