1. Based on the following trial balance for Debby's Cuppycake Shop, prepare an income statement, statement of ownerr's equity, and a balance sheetDebby made no additional investments in the company during the year.Debby's Cuppycake ShopTrial BalanceDecember 31Cash.$ 12,500Accounts receivable.1,50050027,00033,000Supplies..Cuppycake Shop equipment.Service truck..Accounts payable.Debby, Capital.Debby, Withdrawals.Service Revenue.Supplies expense.Rent expense.Utilities expense.Gas expense.Wages expense.2,60039,52536,000125,0003,42518,0006,0007,20022,000$167.125 167.125Totals.

Name: 1. Based on the following trial balance for Debby's Cuppycake Shop, p
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Description: 1. Based on the following trial balance for Debby's Cuppycake Shop, prepare an income statement, statement of ownerr's equity, and a balance sheetDebby made no additional investments in the company during the year.Debby's Cuppycake ShopTrial Balance

Financial statements comprise the income statement, statement of owner’s equity, balance sheet and…

Business

Accounting

1. Based on the following trial balance for Debby's Cuppycake Shop, prepare an income statement, statement of owner's equity, and a balance sheet Debby made no additional investments in the company during the year. Debby's Cuppycake Shop Trial Balance December 31 $ 12,500 1,500 500 Cash. Accounts receivable. Supplies.. Cuppycake Shop equipment. Service truck.. Accounts payable. Debby, Capital. Debby, Withdrawals. Service Revenue. Supplies expense. Rent expense. Utilities expense. Gas expense. Wages expense. 27,000 33,000 $ 2,600 39,525 36,000 125,000 3,425 18,000 6,000 7,200 22,000 $167.125 167.125 Totals.

1. Based on the following trial balance for Debby's Cuppycake Shop, prepare an income statement, statement of owner's equity, and a balance sheet Debby made no additional investments in the company during the year. Debby's Cuppycake Shop Trial Balance December 31 $ 12,500 1,500 500 Cash. Accounts receivable. Supplies.. Cuppycake Shop equipment. Service truck.. Accounts payable. Debby, Capital. Debby, Withdrawals. Service Revenue. Supplies expense. Rent expense. Utilities expense. Gas expense. Wages expense. 27,000 33,000 $ 2,600 39,525 36,000 125,000 3,425 18,000 6,000 7,200 22,000 $167.125 167.125 Totals.

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

1. Based on the following trial balance for Debby's Cuppycake Shop, prepare an income statement, statement of ownerr's equity, and a balance sheet
Debby made no additional investments in the company during the year.
Debby's Cuppycake Shop
Trial Balance
December 31
Cash.
$ 12,500
Accounts receivable.
1,500
500
27,000
33,000
Supplies..
Cuppycake Shop equipment.
Service truck..
Accounts payable.
Debby, Capital.
Debby, Withdrawals.
Service Revenue.
Supplies expense.
Rent expense.
Utilities expense.
Gas expense.
Wages expense.
2,600
39,525
36,000
125,000
3,425
18,000
6,000
7,200
22,000
$167.125 167.125
Totals.

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