Prepare the income statement from the given data

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Reference no: EM132217147

Question - Demas Bus Charter Service Company in Queens, New York started operations tions on August 1, 2012, the start of its fiscal year. On August 31, 2012, the accounting records of the business showed the following information:

Equipment - $17,000

Accounts Receivable - 2,600

Service Revenue - 28,000

Ford Minivan - 103,000

Gasoline Expense - 6,500

Note Payable - 40,000

Utilities Expense - 1,900

Accounts Payable - 77,500

Demas, Drawing/Withdrawals - 4,100

Rent Expense - 4,500

Interest t Payable - 2,300

Cash - 5,000

Salary Expense - 1,900

Demas, Capital - 51,000

Supplies - 2,300

REQUIRED:

a. Prepare the Income Statement from the above data for the Demas Bus Charter Service Company as of August 31, 2012.

b. Prepare the Statement of Owner's Equity for the Demas n Bus Charter Service Company as of August 31, 2012.

c. Prepare the Balance sheet for the Demas oln Bus Charter Service Company as of August 31, 2012.

Reference no: EM132217147

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