Reference no: EM133002541
Jasmine Design Limited has just completed it's first year of operations and needs to prepare financial statements for the year ended August 31, 2021. Abu, the bookkeeper for Jasmine Designs is currently on vacation so Jasmine has come to you to ask for your assistance in preparing the financial statements.
You have been provided with the trial balance at August 31, 2021:
Debits DEBIT=
Cash 44,250
Accounts receivable 18,900
Prepaid insurance 3,600
Supplies 4,950
Equipment 72,800
Furniture & fixtures 12,400
Dividends 5,000
Advertising expense 35,000
Salary expense 626,000
Telephone expense 5,600
Utilities expense 10,800
Interest expense 7,500
Insurance expense 7,200
Supplies expense 26,500
TOTAL 880,500 OF DEBIT
CREDIT=
Accounts payable 21,750
Salary payable 7,500
Note payable 75,000
Common shares 15,000
Service revenue 761,250
TOTAL880,500 OF CREDIT
Additional information:
Ignore income taxes in preparing the financial statements
the note payable is a loan to pay for the equipment that will be repaid in 5 years.
Required:
Problem A. Prepare an Income Statement for the year ended August 31, 2021 for Jasmine Designs Limited.
Problem B. Prepare the Statement of Changes in Equity for the year ended August 31, 2021.
Problem C. Prepare the Balance Sheet as of August 31, 2021 for Jasmine Designs Limited
Problem D. Based on the financial statements prepared in parts A-C was the company profitable in it's first year of operations.
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