Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What are my errors on the financial statements? There are no given adjustments just basing off of the worksheet for all statements Error Report(shows which

What are my errors on the financial statements? There are no given adjustments just basing off of the worksheet for all statements

Error Report(shows which accounts have errors)

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

FINANCIAL STATEMENTS Paint par errar Income Statement Revenues Computer Revenue Fxpanana: Rant Expanse Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expanse Supples Expense Interest Expense Insurance Exnerse Depreciation Expense Total Net Income Total income Statement Total income Statement Statement of Owner's Equity Balance, Beginning of Period Net Income Divdands Balance, End of Period Total Changes in Retained Earnings Balance Sheet Assets Current Assats Cash Accounts Receivable Prepad Insurance Precad Rent Otice Supplies Total Long-Term Assets Office Equip Accum. Depr.-Office Equip Computer Equip Accum. Depe-Computer Equip Buliding Cost Accum. Depr.-Building Land Total Total AS Liabilities Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Total Long-Term Assets Office Equip Accum. Depr.-Otice Equip. Computer Equip Accum. Depr.-Computer Equip. Building Cost Accur. Depr.-Building Land Total Total Assets Liabilities Current Lablities Accounts Payable Interest Payable Salaries Payable Total Long-Term Liabilities Mortgage Payable Notes Payable Total Total abilities Owner's Equity Hudson Bloom, Capital Total Total Liabilities and Owners Equity Total Balance Sheet Summary of grade:- Note: A score of O indicates that there were no points taken off; items incorrect have a score of 1, 2, 3 or 4. A Byte of Accounting, Inc. Worksheet For Period Ending June 30, 2019 Income Statement Debit Credit 0.00 0.00 Account Number Name 1110 Cash 1120 Accounts Receivable 1130 Prepaid Insurance 1140 Prepaid Rent 1150 Office Supplies 1211 Office Equip. 1212 Accum. Depr.-Office Equip. 1311 Computer Equip. 1312 Accum. Depr.-Computer Equip. 1411 Building Cost 1412 Accum. Depr.-Building 1510 Land 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Hudson Bloom, Capital 3300 Hudson Bloom, Withdrawals Unadjusted Trial Balance Debit Credit 61,057.00 0.00 1,119.00 0.001 6,144.00 0.00 7,500.00 0.00 655.00 0.00 2,310.00 0.00 0.00 0.00 209,520.00 0.00 0.00 0.00) 105,000.00 0.00 0.00 0.00 20,000.00 0.00 0.00 1,645.00 0.00 12,500.00 0.00 0.00 0.00 0.00 0.00 112,500.00 0.00 106,750.00 0.00 170,100.00 1,600.00 0.00 Adjusting Entries Debit Credit 0.00 0.001 5,000.00 0.00 256.00 2,500.00 0.00 385.00 0.00 0.00 0.00 22.75 0.00 0.00 0.00 3,492.00 0.00 0.00 259.25 Adjusted Trial Balance Debit Credit 61,057.00 6,119.00 5,888.00 5,000.00 270.00 2,310.00 7.74 209,520.00 196.00 125,000.00 312.17 20,000.00 1,645.00 12,500.00 1,473.83 531.00 132,500.00 106,750.00 170,100.00 1,600.00 Balance Sheet Debit Credit 61,057.00 6,119.00 5,888.00 5,000.00 270.00 2,310.00 7.74 209,520.00 196.00 125,000.00 312.17 20,000.00 1,645.00 12,500.00 1,473.83 531.00 132,500.00 106,750.00 170,100.00 1,600.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,564.41 531.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 20,835.00 20,835.00 0.00 2,500.00 531.00 0.00 4100| Computer & Consulting Revenue 5010 Rent Expense 5020 Salary Expense 5030 Advertising Expense 5040 Repairs & Maint. Expense 5050 Oil & Gas Expense 5080 Supplies Expense 5090 Interest Expense 5100 Insurance Expense 5110 Depreciation Expense 0.00 0.00 1,770.00 425.00 1,240.00 990.00 0.00 0.00 15,835.00 0.00 0.00 0.00 0.00 0.001 5,000.00 0.00 0.00 0.00 0.00 0.00 0.00 2,500.00 2,301.00 425.00 1,240.00 990.00 385.00 1,473.83 256.00 515.91 2,500.00 2,301.00 425.00 1,240.00 990.00 385.00 1,473.83 256.00 515.91 0.00 0.00 385.00 1,564.41 256.00 3,774.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 419,330.00 419,330.00) 14,010.41 14,010.41 446,850.74 446,850.74 20,835.00 436,764.00 Total NET INCOME Balance 10,086.74 10,748.26 20,835.00 426,015.74 10,748.26 436,764.00 20,835.00 436,764.00 A Byte of Accounting Income Statement For Month Ending June 30, 2019 Revenues Computer Revenue $ 20,835.00 Expenses Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Total $ 2,500.00 $ 2,301.00 $ 425.00 $ 1,240.00 $ 990.00 $ 385.00 $ 1,473.83 $ 256.00 $ 515.91 $ 10,086.74 Net Income $ 10,748.26 A Byte of Accounting Statement of Owner's Equity For Month Ending June 30, 2019 Total $ 170,100.00 Balance, Beginning of Period Investment Net Income 10,748.26 180,848.26 1,600.00 179,248.26 Withdrawals Balance, End of Period $ A Byte of Accounting Balance Sheet As of June 30, 2019 Assets Current Assets Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Total $ 61,057.00 6,119.00 5,888.00 5,000.00 270.00 $ 78,334.00 $ 2,310.00 7.74 $ 2,302.26 Long-Term Assets Office Equip Accum. Depr.-Office Equip. Computer Equip. Accum. Depr.-Computer Equip. Building Cost Accum. Depr.-Building $ 209,520.00 196.00 209,324.00 $ 125,000.00 312.17 124,687.83 20,000.00 Land Total Total Assets $ 356,314.09 $ 434,648.09 Liabilities $ $ Current Liabilities Accounts Payable Advanced Payment Interest Payable Salaries Payable Total 1,645.00 12,500.00 1,473.83 531.00 $ 16,149.83 Long-Term Liabilities Mortgage Payable Notes Payable Total Total Liabilities $ 132,500.00 106,750.00 239,250.00 $ 255,399.83 $ $ Accounts Payable Advanced Payment Interest Payable Salaries Payable Total 1,645.00 12,500.00 1,473.83 531.00 $ 16,149.83 Long-Term Liabilities Mortgage Payable Notes Payable Total Total Liabilities $ 132,500.00 106,750.00 239,250.00 $ 255,399.83 Owner's Equity Hudson Bloom, Capital Total Liabilities and Owner's Equity 179,248.26 $ 434,648.09

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles Volume 2

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara A. Trenholm, Valerie A. Kinnear, Joan E. Barlow

6th Canadian Edition

1118557328, 978-1118557327

More Books

Students also viewed these Accounting questions

Question

Is it eyewitness or hearsay evidence?

Answered: 1 week ago