Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Your friend has asked you to produce financial statements for his business Mates Incorporated for the year 1 July 2018 to 30 June 2019. To

image text in transcribedimage text in transcribed

image text in transcribedimage text in transcribedimage text in transcribed

Your friend has asked you to produce financial statements for his business Mates Incorporated for the year 1 July 2018 to 30 June 2019. 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 (Inc Trading Statement), Statement of Changes in Equity and Balance Sheet. Select from the Drop Down menu or enter an account or number in blank boxes. Do not use punctuation in answers. If the business had incurred a loss then add a negative to the amount in the Income Statement (eg -5000). Expenses should be listed in alphabetical order. Account Dr Cr Accounts Payable 5000 Accounts Receivable 4000 Accumulated Depreciation 5000 Capital Introduced 1000 Cash At Bank 7000 COGS 5000 Depreciation Expense 1000 Inventory 1000 Notes Payable (Due June 2022) 13000 Office Equipment 10000 Office Supplies 2000 Office Supplies Expense 1000 Owners Capital 2000 Salaries Expense 40001 Sales Revenue 9000 Total 35000 35000 Motoc Davable Duhun02 Mates Incorporated Income Statement Less: Net Profit / -Loss Mates Incorporated Statement of Changes in Equity Add: Less: Add: Less: Mates Incorporated Balance Sheet Office Equipment Total Liabilities and Owners Equity

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

The Next Step Advanced Medical Coding And Auditing

Authors: Carol J. Buck

1st Edition

0323430775, 978-0323430777

More Books

Students also viewed these Accounting questions

Question

Why does an entrepreneur need to write a business plan?

Answered: 1 week ago