Assume the owner invested $10.00. Make a financial statement. Please include a multiple- step.Income Statement of Owner's Equity and classified Balance Sheet. ### XYZ Company - Accounting WorksheetFor the month ended 3/31/2023#### Account Details and Financial SummariesThis accounting worksheet provides a detailed breakdown of XYZ Company's financial activities for the specified period. It includes columns for Trial Balance, Adjustments, Adjusted Trial Balance, Income Statement, and Balance Sheet.### Trial BalanceThe initial trial balance includes debits and credits for various accounts:1. **Cash** - Debit: 402. **A/Receivable** - Debit: 503. **Supplies** - Debit: 104. **Equipment** - Debit: 1755. **A/Depr.-Equipment**6. **A/Payable** - Credit: 607. **Wages Payable** - Credit: 308. **XYZ, Capital** - Credit: 409. **XYZ, Drawing** - Debit: 1010. **Sales** - Credit: 32011. **Sales Returns and Allowances** 12. **Sales Discounts** 13. **Investment Income** 14. **COGS** - Debit: 7015. **Wages Expense** - Debit: 4016. **Rent Expense** - Debit: 3017. **Utilities Expense** 18. **Supplies Expense** 19. **Depreciation Expense** 20. **Investment Expense** - Debit: 20#### AdjustmentsAdjustments were made to several accounts to reflect accurate financial conditions:1. **Depreciation Expense** - Debit: 10 - Credit: 10 (in Equipment account)2. **Supplies Expense** - Debit: 5 - Credit: 5 (in Supplies account)3. **Wages Expense** - Debit: 5 - Credit: 5 (in Wages Payable account)4. **COGS** - Debit: 705. **XYZ, Drawing** - Debit: 10 #### Adjusted Trial BalanceAfter adjustments, the adjusted trial balance numbers are as follows:- **Total Debits**: 505- **Total Credits**: 505### Financial Statements Overview#### Income StatementThe income statement summarizes revenues and expenses:- **Sales**: 320

An income statement is a financial report that indicates the revenue and expenses of a business. It…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Assume the owner invested $10.00. Make a financial statement. Please include a multiple- step.

Income Statement of Owner's Equity and classified Balance Sheet.

### XYZ Company - Accounting Worksheet

For the month ended 3/31/2023

#### Account Details and Financial Summaries

This accounting worksheet provides a detailed breakdown of XYZ Company's financial activities for the specified period. It includes columns for Trial Balance, Adjustments, Adjusted Trial Balance, Income Statement, and Balance Sheet.

### Trial Balance
The initial trial balance includes debits and credits for various accounts:

1. **Cash**
- Debit: 40

2. **A/Receivable**
- Debit: 50

3. **Supplies**
- Debit: 10

4. **Equipment**
- Debit: 175

5. **A/Depr.-Equipment**

6. **A/Payable**
- Credit: 60

7. **Wages Payable**
- Credit: 30

8. **XYZ, Capital**
- Credit: 40

9. **XYZ, Drawing**
- Debit: 10

10. **Sales**
- Credit: 320

11. **Sales Returns and Allowances**

12. **Sales Discounts**

13. **Investment Income**

14. **COGS**
- Debit: 70

15. **Wages Expense**
- Debit: 40

16. **Rent Expense**
- Debit: 30

17. **Utilities Expense**

18. **Supplies Expense**

19. **Depreciation Expense**

20. **Investment Expense**
- Debit: 20

#### Adjustments
Adjustments were made to several accounts to reflect accurate financial conditions:

1. **Depreciation Expense**
- Debit: 10
- Credit: 10 (in Equipment account)

2. **Supplies Expense**
- Debit: 5
- Credit: 5 (in Supplies account)

3. **Wages Expense**
- Debit: 5
- Credit: 5 (in Wages Payable account)

4. **COGS**
- Debit: 70

5. **XYZ, Drawing**
- Debit: 10

#### Adjusted Trial Balance
After adjustments, the adjusted trial balance numbers are as follows:

- **Total Debits**: 505
- **Total Credits**: 505

### Financial Statements Overview

#### Income Statement
The income statement summarizes revenues and expenses:

- **Sales**: 320

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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