Question
Using this trial balance, prepare an income statement, statement of changes in equity, and a classified balance sheet. Use the standard format that has been
Using this trial balance, prepare an income statement, statement of changes in equity, and a classified balance sheet. Use the standard format that has been discussed in class, another format than the standard format will be marked zero.
Lucie Accounting | ||
Account | ||
Debit | Credit | |
Cash | $8,000 | |
Accounts receivable | 2,200 | |
Office supplies | 700 | |
Prepaid insurance | 1,100 | |
Long term note receivable | 3,00 | |
Land | 50,000 | |
Equipment | 15,000 | |
Accumulated depreciation, Equipment | $1,200 | |
Building | 150,000 | |
Accumulated depreciation, Building | 1,500 | |
Customer list | 900 | |
Notes payable* | 11,000 | |
Unearned accounting fees earned | 3,000 | |
Salaries payable | 7,000 | |
Lucie Majeau, capital** | 10,000 | |
Lucie Majeau, withdrawals | 5,000 | |
Accounting fees earned | 211,400 | |
Depreciation expense, Building | 500 | |
Depreciation expense, Equipment | 600 | |
Insurance expense | 100 | |
Rent expense | 1,100 | |
Office supplies expense | 900 | |
Repairs expense | 5,000 | |
Telephone expense | 1,000 | |
Totals | $245,100 | $245,100 |
*The current portion of the note payable due this year is $3,000 | ||
**$5,000 was invested during the year |
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