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Ass 002 Net Income, Shares Issued Accounts Receivable $4,000 $ 2,500 1,000 Miscellaneous Expense Accounts Payable 5,000 Office Supplies Expense Cash 1,000 Service Revenue 20,000 Equipment Insurance Expense 8,000 Share Capital 1,500 Wages Expense 9,000 Required: Using the alphabetized information above for EDW Inc. after its first month of opera- tions, complete the income statement, statement of changes in equity, and balance sheet using the templates provided below. EDW Inc. EDW Inc. Income Statement Statement of Changes in Equity Month Ended March 31, 2015 Month Ended March 31, 2015 Revenues Share Retained Total Service Revenue 2$ Capital 24 Earnings $ Equity 24 Expenses Wages Expense Miscellaneous Expense Opening Balance Shares Issued Net Income Insurance Expense Ending Balance Office Supplies Expense Net Income 2$ EDW Inc. Balance Sheet March 31, 2015 Assets Liabilities Cash $ Accounts Payable 2$ Accounts Receivable Equipment Equity Share Capital Retained Earnings Total Equity Total Liabilities and Equity Total Assets $4

Ass 002 Net Income, Shares Issued Accounts Receivable $4,000 $ 2,500 1,000 Miscellaneous Expense Accounts Payable 5,000 Office Supplies Expense Cash 1,000 Service Revenue 20,000 Equipment Insurance Expense 8,000 Share Capital 1,500 Wages Expense 9,000 Required: Using the alphabetized information above for EDW Inc. after its first month of opera- tions, complete the income statement, statement of changes in equity, and balance sheet using the templates provided below. EDW Inc. EDW Inc. Income Statement Statement of Changes in Equity Month Ended March 31, 2015 Month Ended March 31, 2015 Revenues Share Retained Total Service Revenue 2$ Capital 24 Earnings $ Equity 24 Expenses Wages Expense Miscellaneous Expense Opening Balance Shares Issued Net Income Insurance Expense Ending Balance Office Supplies Expense Net Income 2$ EDW Inc. Balance Sheet March 31, 2015 Assets Liabilities Cash $ Accounts Payable 2$ Accounts Receivable Equipment Equity Share Capital Retained Earnings Total Equity Total Liabilities and Equity Total Assets $4

FINANCIAL ACCOUNTING
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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Ass 002. Net Income, Shares Issued $4,000 5,000 Accounts Receivable Miscellaneous Expense $ 2,500 Accounts Payable Office Supplies Expense 1,000 Cash 1,000 Service Revenue 20,000 Equipment 8,000 Share Capital Insurance Expense 1,500 Wages Expense 9,000 Required: Using the alphabetized information above for EDW Inc. after its first month of opera- tions, complete the income statement, statement of changes in equity, and balance sheet using the templates provided below. EDW Inc. EDW Inc. Statement of Changes in Equity Month Ended March 31, 2015 Income Statement Month Ended March 31, 2015 Revenues Share Retained Total Service Revenue Capital 2$ Earnings $ Equity 2$ Expenses Wages Expense Miscellaneous Expense Opening Balance Shares Issued Net Income Insurance Expense Ending Balance $4 Office Supplies Expense Net Income EDW Inc. Balance Sheet March 31, 2015 Assets Liabilities Cash Accounts Payable Accounts Receivable Equipment Equity Share Capital Retained Earnings Total Equity Total Liabilities and Equity Total Assets %24 %24
Transcribed Image Text:Ass 002. Net Income, Shares Issued $4,000 5,000 Accounts Receivable Miscellaneous Expense $ 2,500 Accounts Payable Office Supplies Expense 1,000 Cash 1,000 Service Revenue 20,000 Equipment 8,000 Share Capital Insurance Expense 1,500 Wages Expense 9,000 Required: Using the alphabetized information above for EDW Inc. after its first month of opera- tions, complete the income statement, statement of changes in equity, and balance sheet using the templates provided below. EDW Inc. EDW Inc. Statement of Changes in Equity Month Ended March 31, 2015 Income Statement Month Ended March 31, 2015 Revenues Share Retained Total Service Revenue Capital 2$ Earnings $ Equity 2$ Expenses Wages Expense Miscellaneous Expense Opening Balance Shares Issued Net Income Insurance Expense Ending Balance $4 Office Supplies Expense Net Income EDW Inc. Balance Sheet March 31, 2015 Assets Liabilities Cash Accounts Payable Accounts Receivable Equipment Equity Share Capital Retained Earnings Total Equity Total Liabilities and Equity Total Assets %24 %24
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