The adjusted trial balance for Donatello Company is presented in E4-3.

Instructions
(a) Prepare an income statement and statement of owner's equity for the year. Mr. Donatello invested $5,000 cash in the business during the year.
(b) Prepare a classified balance sheet at July 31, 2017?

Transcribed Image Text:

DONATELLO COMPANY Adjusted Trial Balance July 31, 2017 Debit Credit $ 4,650 11,400 500 750 8,000 19,950 Cash Accounts receivable Prepaid rent Supplies Debt investments Equipment Accumulated depreciation-equipment Patents Accounts payable Interest payable Unearned revenue $ 5,700 18,300 4,245 750 2,050 45,000 28,285 Notes payable (due on July 1, 2019) B. Donatello, capital B. Donatello, drawings Service revenue Interest revenue Depreciation expense Interest expense Rent expense Salaries expense Supplies expense 16,500 75,000 320 2,850 3,000 18,550 36,050 20,850 $161,350 $161,350