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Assignment
Yankee Hotel Foxtrot initiated operations on July 1, 2014. To manage the company officers and managers have requested monthly financial statements starting July 31, 2014. The adjusted trial balance amounts at July 31 are shown below.
Debits
Credits
Cash
$ 7,680
Accumulated Depreciation-
Equipment
$ 840
Accounts Receivable
810
Notes Payable
6,000
Prepaid Rent
1,965
Accounts Payable
2,140
Supplies
1,160
Salaries and Wages Payable
360
11,400
Interest Payable
40
Owner's Drawings
800
Unearned Service Revenue
580
Salaries and Wages Expense
7,145
Owner's Capital
10,640
Rent Expense
2,740
Service Revenue
14,390
Depreciation Expense
665
Supplies Expense
Interest Expense
45
Total debits
$ 34990
Total Credits
$34990
Instructions
(A) Determine the net income for the month of July(B) Determine the amount for Owner's, Capital at July 31, 2014(C) Determine the Balance Sheet at July 31, 2014.
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