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Your friend has asked you to produce financial statements for his business, Mates Incorporated, for the year 1 July 2015 to 30 June 2016. To
Your friend has asked you to produce financial statements for his business, Mates Incorporated, for the year 1 July 2015 to 30 June 2016. To make your job a little more difficult he has produced his adjusted trial balance in alphabetical order as he was unaware of the proper order.
Produce an Income Statement and Balance Sheet (either select from the Drop Down menu or enter an account or number in blank boxes).
Do not use any form of punctuation in numerical answers.
Account | Dr | Cr |
Accounts Payable | 6,000 | |
Accounts Receivable | 5,000 | |
Accumulated Depreciation | 3,000 | |
Cash At Bank | 8,000 | |
Depreciation Expense | 1,000 | |
Insurance Expense | 4,000 | |
Notes Payable (Due June 2018) | 7,000 | |
Office Equipment | 10,000 | |
Office Supplies | 2,000 | |
Office Supplies Expense | 1,000 | |
Owners Capital | 2,000 | |
Prepaid Insurance | 2,000 | |
Salaries Expense | 3,000 | |
Service Revenue | 12,000 | |
Unearned Service Revenue | 6,000 | |
Total | 36,000 | 36,000 |
Mates Incorporated | ||
Income Statement | ||
AnswerFor the Year Ended 30 June 2016As At 30 June 2016 | ||
Answer: Revenue or Current Assets or Owners Capital | ||
Answer Service Revenue or Cash At Bank or Depreciation Expense or Unearned Service Revenue | Answer | |
Less: Answer Expenses or Non Current Assets or COGS | ||
Answer Depreciation Expense or Equipment or Cash At Bank | Answer | |
Answer Insurance Expense or Office Supplies or Accounts Receivable | Answer | |
Answer Office Supplies or ExpenseUnearned or Service Revenue or Depreciation Expense | Answer | |
Answer Salaries Expense or Office Supplies or Prepaid Insurance | Answer | |
Answer Total Expenses Total Assets Owners Capital | Answer | |
Net Profit / Loss | Answer |
Mates Incorporated | ||
Balance Sheet | ||
AnswerFor the Year Ended 30 June 2016As At 30 June 2016 | ||
Answer Current Assets or Current Liabilities or Owners Capital | ||
Answer Cash At Bank or Accounts Payable or Unearned Service Revenue | Answer | |
AnswerAccounts Receivable or Accumulated Depreciation or Cash At Bank | Answer | |
AnswerOffice Supplies or Accounts Payable or Unearned Service Revenue | Answer | |
Prepaid Insurance | Answer | |
Answer Total Current Assets Owners Capital Total Current Liabilities | Answer | |
Answer Non Current Assets or Current Liabilities or Owners Capital | ||
or Office Equipment | Answer | |
Answer Accumulated Depreciation or Unearned Service or RevenueAccounts or Payable | Answer | |
Answer Total Non Current Assets Owners Capital Total Current Liabilities | Answer | |
Answer Total Assets Total Current Asset and Current Liabilities Owners Capital | Answer | |
Answer Current Liabilities Expenses Owners Capital | ||
Answer Accounts Payable or Office Equipment | Answer | |
Answer Unearned Service or Revenue or Accumulated Depreciation | Answer | |
Answer Total Current Liabilities Total Non Current Assets | Answer | |
Answer Non Current Liabilities or Current Liabilities or Owners Capital | ||
Answer Notes Payable or Accounts Payable or Office Equipment | Answer | |
Total Non Current Liabilities | Answer | |
AnswerTotal Liabilities Total Net AssetsOwners Equity | Answer | |
Answer Owners Equity Net Profit | ||
Answer Owners Capital Owners Drawings | Answer | |
Total Liabilities and Owners Equity | Answer |
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