Solution-Prepare the fully classified statement of

Prepare the fully classified statement of financial position

Reference no: EM132280452

Question - Ms Kate Morris is the sole owner of Meowster, a pet service store that offers temporary accommodation and bathing services for cats. Following is Meowster's Adjusted Trial Balance prepared on 30 June 2018.

Meowster Adjusted Trial Balance as at 30 June 2018
Account	Debit	Credit
Cash at Bank	$12,500
Pet Bathing Supplies	4,400
Machines - Professional Pet Dryer	11,500
Accounts Payable		$1,000
Long - Term Bank Loan		17,100
Kate Morris, Capital		10,000
Kate Morris, Drawings	3,000
Bathing Service Revenue		12,600
Accommodation Service Revenue		7,500
Pet Bathing Supplies Expense	5,200
Wages Expense	5,600
Rent Expense	4,200
Utility Expense	1,700
Interest Expense - Bank Loan	100
	$48,200	$48,200

Required -

(a) Prepare closing entries; no narration required.

(b) Prepare the fully classified Statement of Financial Position in the narrative format, based on the post-closing balances (you are not required to show the post - closing trial balance).

Reference no: EM132280452

Questions Cloud

Discuss the key results of exploratory data analysis : CIS8008 Business Intelligence - University of Southern Queensland - Discuss the results of the Final Linear Regression Model for salary.csv data set drawing

Discuss motives for mass killings to include school shooting : Discuss motives for mass killings to include school shootings. Be sure to include examples to support the typology of each motive.

Building a camp fire : Imagine you are building a camp fire and have gathered some large sticks (2-3 inches in diameter) that are too long for the fire

Diet lacking nutrients for a child in a lower : Compare and contrast a diet lacking nutrients for a child in a lower (even middle) class American family versus a child in a poverty stricken Malawi family

Prepare the fully classified statement of financial position : Prepare the fully classified Statement of Financial Position in the narrative format, based on the post-closing balances

How computer databases may be useful : Discuss in detail how computer databases and information networks may be useful in criminal investigations.

Differences between the left and right sides of the heart : What would be some visible physical/structural differences between the left and right sides of the heart?

Shape of an arctic mammal : How does Morphological Adaptations explain the typical size and shape of an arctic mammal versus a closely related tropical or hot desert mammal?

Example of a houseplant that effectively removes toxins : Find one example of a houseplant that effectively removes toxins. Given what you know about plant cells, how might these toxins be removed by the plant?

User Account

All Pages

Prepare the fully classified statement of financial position

Reference no: EM132280452

Reference no: EM132280452

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT