Reference no: EM132315336

Question

You need to make Statement of Comprehensive Income and a Balance Sheet. But You have no idea which step before preparing it. Also, don't understand how the numbers adding up.

Assume that the ATB also shows normal balances for interest expense and interest payable of $300 each, that the balance for Cash was €12,400, and that there was a balance for Loan Payable of €2,000. The loan is non-current.

Make sure your financial statements are in the format and form required in this course. (Hints: 1) do not forget about EBIT, and 2) in the equity section of the Balance Sheet, show the ending balance of Retained Earnings, i.e., after the $3,000 balance has been updated as at 31 August 2020.)

Matusiak OAO Thal Balance  August 31, 2020

Before Adjustment After Adjustment
 

Matusiak OAO Trial Balance  August 31, 2020
	Before Adjustment		After Adjustment
	Dr.	Cr.	Dr.	Cr.
Cash	€10,400		€10,400
Accounts Receivable	8,800		11,200
Supplies	2,300		700
Prepaid Insurance	4,000		2,500
Equipment	14,000		14,000
Accumulated Depreciation-Equipment		€3,600		€4,500
Accounts Payable		5,800		5,800
Salaries and Wages P2yable		-0-		1,100
Unearned Rent Revenue		1,500		400
Share Capital-Ordinary		12,600		12,600
Retained Earnings		3,000		3,000
Service Revenue		34,000		36,400
Rent Revenue		11,000		12,100
Salaries and Wages Expense	17,000		18,100
Supplies Expense	-0-		1,600
Rent Expense	15,000		15,000
Insurance Expense	-0-		1,500
Depreciation Expense	-0-		000
	€71,500	€71,500	€75,900	€75,900