When Sean asked his daughter what the net income was for the business in July, she was unable to tell him. Using the T-accounts in your Workbook for an expanded equity section of the ledger, rearrange the figures in the equity accounts so that you can determine the net income for Meadowlark Makeovers. The specific steps to follow are listed below. A. Extract each amount from S. O'Neill, Capital and place it in its proper account in the expanded ledger. Presently, Sean's Capital account is a bit of a puzzle. To belp you figure out what each number represents, examine the information below. a. Sean was paid a total of $21000 for the job, which was received in three separate installments. b. Sean's biggest single cost for the job was for renovation supplies. He purchased all he needed at the start of the month from Builder's Depot. c. Sean pays his ane employee a total of $3000 per month. (For simplicity, payroll deductions are not considered.) d. Sean withdraws $4500 per month for his personal living expenses. e. Sean pays about $110 per week for gasoline for his truck. f. At the beginning of July, Sean paid approximately $300 to repair two of his saws. B. Calculate the balance for each account in the expanded equity C. Use the expanded ledger to prepare a trial balance for Meadowsection. lark Makeovers dated July 31, 20-. For the trial balance, the asset and liability accounte that have balances on July 31 are Bank, $1300.20; Tbols and Equipment, $5156.40; Truck, $6100; and AP-Kitrul Tools, $1600. These amounts have been entered for you in the your Workbook D. Prepare an income statement for Meadowlark Makeovers for ledger. E. After looking at the Capital account, Sean was disappointed that the month of July, 20 all his hard work in July caused its balnnce to grow by only $1501 ($10956.60$9455.60). In a short paragraph, use what you see on his income statement and what you know about the expanded When Sean asked his daughter what the net income was for the business in July, she was unable to tell him. Using the T-accounts in your Workbook for an expanded equity section of the ledger, rearrange the figures in the equity accounts so that you can determine the net income for Meadowlark Makeovers. The specific steps to follow are listed below. A. Extract each amount from S. O'Neill, Capital and place it in its proper account in the expanded ledger. Presently, Sean's Capital account is a bit of a puzzle. To belp you figure out what each number represents, examine the information below. a. Sean was paid a total of $21000 for the job, which was received in three separate installments. b. Sean's biggest single cost for the job was for renovation supplies. He purchased all he needed at the start of the month from Builder's Depot. c. Sean pays his ane employee a total of $3000 per month. (For simplicity, payroll deductions are not considered.) d. Sean withdraws $4500 per month for his personal living expenses. e. Sean pays about $110 per week for gasoline for his truck. f. At the beginning of July, Sean paid approximately $300 to repair two of his saws. B. Calculate the balance for each account in the expanded equity C. Use the expanded ledger to prepare a trial balance for Meadowsection. lark Makeovers dated July 31, 20-. For the trial balance, the asset and liability accounte that have balances on July 31 are Bank, $1300.20; Tbols and Equipment, $5156.40; Truck, $6100; and AP-Kitrul Tools, $1600. These amounts have been entered for you in the your Workbook D. Prepare an income statement for Meadowlark Makeovers for ledger. E. After looking at the Capital account, Sean was disappointed that the month of July, 20 all his hard work in July caused its balnnce to grow by only $1501 ($10956.60$9455.60). In a short paragraph, use what you see on his income statement and what you know about the expanded
