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Use the following list of accounts for Milner's Star Express Cleaning Service. Cash $2,026 Fees Earned 13,835 Accounts Payable 7,530 D. Milner, Capital January 1,
Use the following list of accounts for Milner's Star Express Cleaning Service. Cash $2,026 Fees Earned 13,835 Accounts Payable 7,530 D. Milner, Capital January 1, 20-- 6,000 D. Milner, Drawing 1,750 Utilities Expense 153 Prepaid Insurance 1,216 Rent Expense 1,200 Accounts Receivable 4,080 Equipment 15,290 Wages Expense 1,650 Required: 1. Prepare an income statement for the year ended December 31, 20--- Milner's Star Express Cleaning Service Income Statement For the Year Ended December 31, 20-- Revenues: Fees earned Expenses: Utilities expense Rent expense Insurance expense Total expenses Net income 2. Prepare a statement of owner's equity for the year ended December 31, 20--- Milner's Star Express Cleaning Service Statement of Owner's Equity For the Year Ended December 31, 20-- D. Milner, capital January 1, 20-- D. Milner, capital December 31, 20-- Investment by owner 0 13,835 3. Prepare a balance sheet at December 31, 20--- Milner's Star Express Cleaning Service Balance Sheet December 31, 20-- Assets Total assets $ Liabilities Owner's Equity Total liabilities & owner's equity
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