**Instructions for Preparing Financial Statements**1. **Task:** Using the table below, prepare three financial statements in proper form. Ensure to follow the rules you have learned. Create a fictional company name for heading purposes and use the date 12/31/2021 for the statements.2. **Data Table:**| Item | Amount ||------------------------|---------|| Cash | $3,425 || Supplies | $380 || Computers | $3,000 || Wages Payable | $1,190 || Dividends | $2,500 || Wages Expense | $2,855 || Utilities Expense | $2,715 || Insurance Expense | $315 || Accounts Receivable | $8,000 || Equipment | $305 || Accounts Payable | $925 || Common Stock | $29,000 || Revenues | $60,625 || Rent Expense | $9,150 || Supplies Expense | $980 || Miscellaneous Expense | $1,505 |3. **Graph/Diagram Explanation:** The table provided includes items that are typically part of an accounting balance sheet and income statement. There are assets, liabilities, expenses, and revenue lines which represent the financial activities of a company on the given date. Each value in the table is associated with a specific accounting category which will be used to compile comprehensive financial statements.

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3. Using the following information please prepare the 3 financial statements in proper form with headings. Keep in mind the rules that you have learned. MAKE UP A COMPANY NAME FOR THE HEADING AND USE 12/31/2021 AS THE DATE FOR THE STATEMENTS. Cash Supplies Computers Wages Payable Dividends Wages Expense Utilities Expense Insurance Expense $3,425 $380 $37,000 $1190 $5,200 $22,855 $2,715 $315 Accounts Receivable Equipment Accounts Payable Common Stock Revenues Rent Expense Supplies Expense Miscell. Expense $8,000 $305 $925 $29,000 $60,625 $9,150 $890 $1,505

3. Using the following information please prepare the 3 financial statements in proper form with headings. Keep in mind the rules that you have learned. MAKE UP A COMPANY NAME FOR THE HEADING AND USE 12/31/2021 AS THE DATE FOR THE STATEMENTS. Cash Supplies Computers Wages Payable Dividends Wages Expense Utilities Expense Insurance Expense $3,425 $380 $37,000 $1190 $5,200 $22,855 $2,715 $315 Accounts Receivable Equipment Accounts Payable Common Stock Revenues Rent Expense Supplies Expense Miscell. Expense $8,000 $305 $925 $29,000 $60,625 $9,150 $890 $1,505

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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