Fill in the cells for “Totals,” “Net Income,” and “Final Total” below. Verizon Company Worksheet For the Year Ended December 31, 2020 Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Cash 9,000 Accounts Receivable 10,700 Prepaid Insurance 2,600 Equipment 23,800 Accumulated Depreciation—Equip. 4,300 Accounts Payable 8,800 Salaries and Wages Payable 2,300 Owner’s Capital 19,800 Owner’s Drawings 11,400 Service Revenue 60,000 Maintenance and Repairs Expense 1,600 Depreciation Expense 3,100 Insurance Expense 1,700 Salaries and Wages Expense 29,900 Utilities Expense 1,400 Totals Net Income Final Total b. Based on information above, show revenue, expenses, and Net Income (Loss) below. Income Statement For the Year Ended December 31, 2020 Revenues Expenses Total Expenses Net Income (Loss) c. Complete the owner’s equity statement below. Owner’s equity statement For the Year Ended December 31, 2020 Owner's Capital, January 1 Add: Net Income (Loss) (Subtract if net loss) Less: Drawings Owner's Capital, December 31

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

a. Fill in the cells for “Totals,” “Net Income,” and “Final Total” below.

Verizon Company
Worksheet
For the Year Ended December 31, 2020
	Income Statement	Balance Sheet
Account Titles	Dr.	Cr.	Dr.	Cr.

Cash			9,000
Accounts Receivable			10,700
Prepaid Insurance			2,600
Equipment			23,800
Accumulated Depreciation—Equip.				4,300
Accounts Payable				8,800
Salaries and Wages Payable				2,300
Owner’s Capital				19,800
Owner’s Drawings			11,400
Service Revenue		60,000
Maintenance and Repairs Expense	1,600
Depreciation Expense	3,100
Insurance Expense	1,700
Salaries and Wages Expense	29,900
Utilities Expense	1,400
Totals
Net Income
Final Total

b. Based on information above, show revenue, expenses, and Net Income (Loss) below.

Income Statement
For the Year Ended December 31, 2020
Revenues

Expenses





Total Expenses
Net Income (Loss)

c. Complete the owner’s equity statement below.

Owner’s equity statement
For the Year Ended December 31, 2020
Owner's Capital, January 1
Add: Net Income (Loss) (Subtract if net loss)

Less: Drawings
Owner's Capital, December 31

d. Prepare a classified balance sheet below.

Balance Sheet.
December 31, 2020
Assets
Current Assets
Cash
Accounts Receivable
Prepaid Insurance
Total Current Assets
Property, Plant and Equipment
Equipment
Less: Accumulated Depreciation-Equip.
Total Assets
Liabilities and Owner’s Equity
Current Liabilities
Accounts Payable
Salaries and Wages Payable
Total Current Liabilities
Owner's Equity
Owner's Capital
Total Liabilities and Owner’s Equity

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions