1. Prepare Income Statement and Balance Sheet dated 31 July 2022 by using the following accounts. The values are stated monthly basis. Please make sure you properly follow the classification shown in the classi Account Cash Car Insurance Rent Phone Credit Card Debt Car Loan Entertainment Expense Amount in CAD 3000 450 1600 700 Investment in Bond Net Worth 300 4500 100 Phone Bill (Same Every 30 Month) 200 3380 Amount in CAD 5000 9000 50 200 Account Salary Car Utility Expense Transportation Expense Child Benefit 300 Wifi Bill 50 Borrowed from friends 200 for 6 months Tuition Income Vacation to Mexico Study Loan 300 600 2000
1. Prepare Income Statement and Balance Sheet dated 31 July 2022 by using the following accounts. The values are stated monthly basis. Please make sure you properly follow the classification shown in the classi Account Cash Car Insurance Rent Phone Credit Card Debt Car Loan Entertainment Expense Amount in CAD 3000 450 1600 700 Investment in Bond Net Worth 300 4500 100 Phone Bill (Same Every 30 Month) 200 3380 Amount in CAD 5000 9000 50 200 Account Salary Car Utility Expense Transportation Expense Child Benefit 300 Wifi Bill 50 Borrowed from friends 200 for 6 months Tuition Income Vacation to Mexico Study Loan 300 600 2000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:1. Prepare Income Statement and Balance Sheet dated 31 July 2022 by using the following accounts.
The values are stated monthly basis. Please make sure you properly follow the classification shown
in the class.
Account
Cash
Car Insurance
Rent
Phone
Amount in CAD
3000
450
1600
700
Credit Card Debt
300
Car Loan
4500
Entertainment Expense 100
Phone Bill (Same Every 30
Month)
Investment in Bond
Net Worth
200
3380
Account
Salary
Car
Utility Expense
Transportation
Expense
Child Benefit
Wifi Bill
Borrowed from friends 200
for 6 months
Tuition Income
Amount in CAD
5000
9000
50
200
Vacation to Mexico
Study Loan
300
50
300
600
2000
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