Reference no: EM131329174
Review the short list of account balances from data below. From the account balances, generate an income statement, a statement of owner's equity and a balance sheet for a hypothetical small business.
The adjusted trial balance figures for Todd's Consulting Service follow (for October 31st, 2009).
Use these account balance figures to generate an income statement for the business for the end of the month:
Cash - $7,000
A/R - $3,500
Rent Expense - $2,000
Wage Expense - $3,000
A/P - $1,000
Service Revenue $7,500
Interest Revenue - $50
TH, Capital - $7,000
[Test Instrument 2]
The adjusted trial balance figures for Todd's Repair Service follow (for November 30th, 2009).
Use these account balance figures to generate a statement of owner's equity for the business for the end of the month:
Cash - $6,950
Equipment - $8,000
Accumulated Depreciation - $500
Salary Expense - $900
Note Payable - $3,000
Service Revenue - $7,000
TH, Withdrawals - $650
TH, Capital - $6,000
[Test Instrument 3]
The adjusted trial balance figures for Todd's Landscaping Service follow (for December 31st, 2009). Use these account balance figures to generate a balance sheet for the business for the end of the month:
Cash - $70,000
Accounts Receivable - $443,000
Building - $180,000
Equipment - $100,000
Accumulated Depreciation (Bldg) - $40,000
Accumulated Depreciation (Equip) - $35,000
Wage Expense - $22,000
A/P - $30,000
Service Revenue - $210,000
TH, Capital - $500,000.