now.com/ilrn/takeAssignment/takeAssignment Main.do?inprogress-true1. Prepare an Income statement for Kohl's Home Repair for the month ended May 31, 20--Kohl's Home RepairIncome StatementFor Month Ended May 31, 20--Total expenses2. Prepare a statement of owner's equity for Kohl's Home Repair for the month ended May 31, 20--Kohl's Home RepairStatement of Owner's EquityFor Month Ended May 31, 20--Total Investment3. Prepare a balance sheet for Kohl's Home Repair as of May 31, 20--.Kohl's Home RepairBalance SheetMay 31 20--All work saved. 66ow.com/ilrn/takeAssignment/takeAssignment Main.do?inprogress-trueKohl's Home RepairTrial BalanceMay 31, 20--VanAccountCashAccounts ReceivableOffice SuppliesPrepaid InsuranceEquipmentAccounts PayableWilhelm Kohl, CapitalWilhelm Kohl, DrawingService FeesRent ExpenseWages ExpensePhone Expense4Gas and Oil ExpenseTotalsDebit CreditBalance Balance21,1803,2003009007,0008,0003,0008008002001204,00030,00011,50045,500 45,500Change in owner's equity:Wilhelm Kohl's original investment in the business+ Net Income for the month- Owner's drawingIncrease (decrease) in capital= Ending owner's equityRequired:$9,5803,000$30,0006,580$36,580All work saved.

Income Statement :— It is one of the financial statement that shows profitability, total revenue,…

66 ow.com/ilrn/takeAssignment/takeAssignment Main.do?inprogress-true Van Kohl's Home Repair Trial Balance May 31, 20-- Cash Accounts Receivable Office Supplies Prepaid Insurance Equipment Account Totals Accounts Payable Wilhelm Kohl, Capital Wilhelm Kohl, Drawing Service Fees Rent Expense Wages Expense Phone Expense 4 Gas and Oil Expense Debit Credit Balance Balance 21,180 3,200 300 900 7,000 8,000 3,000 800 800 200 120 4,000 30,000 11,500 45,500 45,500 Change in owner's equity: Wilhelm Kohl's original investment in the business + Net Income for the month - Owner's drawing Increase (decrease) In capital = Ending owner's equity Required: $9,580 3,000 $30,000 6,580 $36,580 All work saved.

66 ow.com/ilrn/takeAssignment/takeAssignment Main.do?inprogress-true Van Kohl's Home Repair Trial Balance May 31, 20-- Cash Accounts Receivable Office Supplies Prepaid Insurance Equipment Account Totals Accounts Payable Wilhelm Kohl, Capital Wilhelm Kohl, Drawing Service Fees Rent Expense Wages Expense Phone Expense 4 Gas and Oil Expense Debit Credit Balance Balance 21,180 3,200 300 900 7,000 8,000 3,000 800 800 200 120 4,000 30,000 11,500 45,500 45,500 Change in owner's equity: Wilhelm Kohl's original investment in the business + Net Income for the month - Owner's drawing Increase (decrease) In capital = Ending owner's equity Required: $9,580 3,000 $30,000 6,580 $36,580 All work saved.

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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