Question
Using the following Trail balance and adjustment data for Vivian's Repair Co. of Windsor, prepare: 1. A worksheet for october 2. An Income Statement for
Using the following Trail balance and adjustment data for Vivian's Repair Co. of Windsor, prepare:
1. A worksheet for october
2. An Income Statement for october, a statement for owner's equity for october, and a balance sheet as of october 31, 2022.
Adjustment Data
a. One quarter of the prepaid insurance has expired.
b. Repair supplies on hand, $795.
c. Depreciation on repair equipment is based on the straight-line approach, with a 10-year life and a residual value of $1200.
d. Depreciation on building is also straight - line, 50-year life, no residual value.
e. Wages earned but unpaid amounted to 76 hours at $14 per hour at month end.
Check Figure Net Income $13,553.92
VIVIAN'S REPAIR CO.
TRIAL BALANCE
OCT.31st, 2022
Dr. Cr.
Cash ...................................................................3326
Prepaid Insurance............................................................1389
Repair Supplies.................................................................1148
Repair Equipment.............................................................8460
Building..............................................................................50,000
Accumulated..........................................................................................................................3952
Accumulated Depreciation , building........................................................................................12500
Accounts payable.......................................................................................................................2724
Vivian Hunter, Capital...............................................................................................................43085
Vivian Hunter, withdrawals.................................................13400
Repair fees revenue..................................................................................................................28685
Wages expense ..................................................................10890
Utilities expense..................................................................841
Advertising expense............................................................1492
Totals.................................................................................90946 90946
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