Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Use the following Worksheet to create the following financial statements for V's Violins: a) Income Statement V's Violins Worksheet As of Feb 28, 2022
Use the following Worksheet to create the following financial statements for V's Violins: a) Income Statement V's Violins Worksheet As of Feb 28, 2022 Cash Accounts Receivable Prepaid Insurance Supplies Land building acc depr - building equipment acc. depreciation -equipment A/P Unearned revenue mortgage payable Capital Drawings Revenue Salaries exp utilities exp Interest exp Insurance expense Depreciation expense Supplies Expense b) Statement of Owner's Equity c) Balance Sheet() TOTAL Trial Balance DR 26,000 10,000 4,000 5,000 50,000 90,000 27,000 90,000 15,000 8,000 0 0 0 0 CR 14,000 4,500 4,000 2,000 65,000 180,500 55,000 Adjustments DR 1,000 500 1,000 7,500 2,000 CR 1,000 2,000 6,000 1,500 500 1,000 Adjusted Trial Balance DR 26,000 10,000 3,000 3,000 50,000 90,000 27,000 90,000 15,000 8,000 500 1,000 7,500 2,000 CR 20,000 6,000 4,000 1,000 65,500 180,500* 56,000 325,000 325,000 12,000 12,000 333,000 333,000 *100,000 of the Capital is investment during the year. The rest is the opening Capital.
Step by Step Solution
★★★★★
3.35 Rating (158 Votes )
There are 3 Steps involved in it
Step: 1
a Income Statement for Vs Violins for the year ended February 28 2022 Revenue 100000 Less Expense...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started