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MY Autobody's adjusted trial balance on December 31, 2023, appears in the work sheet as follows: No. 101 Cash 124 Shop supplies Account 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation, equipment 201 Accounts payable 210 Wages payable 301 Mike Yang, capital 302 Mike Yang, withdrawals Debit $ 28,600 2,100 4,800 91,000 39,000 Credit $ 8,100 19,600 9,460 146,000

MY Autobody's adjusted trial balance on December 31, 2023, appears in the work sheet as follows: No. 101 Cash 124 Shop supplies Account 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation, equipment 201 Accounts payable 210 Wages payable 301 Mike Yang, capital 302 Mike Yang, withdrawals Debit $ 28,600 2,100 4,800 91,000 39,000 Credit $ 8,100 19,600 9,460 146,000

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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MY Autobody's adjusted trial balance on December 31, 2023, appears in the work sheet as follows: No. 101 124 128 Account Cash Shop supplies Prepaid insurance 167 Equipment 168 Accumulated depreciation, equipment 201 210 301 302 401 612 623 637- 640 650 690 Accounts payable Wages payable Mike Yang, capital Mike Yang, withdrawals Repair revenue Depreciation expense, equipment Wages expense Insurance expense Rent expense Office supplies expense Utilities expense Totals Debit $28,600 2,100 4,800 91,000 39,000 9,100 105, 100 Credit There were no investments by the owner during the year. $ 8,100 19,600 9,460 146,000 163,030 2,200 55,350 5,400 3,540 $346,190 $346,190.
Transcribed Image Text:MY Autobody's adjusted trial balance on December 31, 2023, appears in the work sheet as follows: No. 101 124 128 Account Cash Shop supplies Prepaid insurance 167 Equipment 168 Accumulated depreciation, equipment 201 210 301 302 401 612 623 637- 640 650 690 Accounts payable Wages payable Mike Yang, capital Mike Yang, withdrawals Repair revenue Depreciation expense, equipment Wages expense Insurance expense Rent expense Office supplies expense Utilities expense Totals Debit $28,600 2,100 4,800 91,000 39,000 9,100 105, 100 Credit There were no investments by the owner during the year. $ 8,100 19,600 9,460 146,000 163,030 2,200 55,350 5,400 3,540 $346,190 $346,190.
There were no investments by the owner during the year. Prepare an income statement for the year ended December 31, 2023. Revenues: Repair revenue Operating expenses: Depreciation expense, equipment Wages expense Insurance expense Rent expense Office supplies expense Utilities expense Total operating expenses Prepare a statement of changes inequity for the year ended December 31, 2023. MY AUTOBODY Income Statement For Year Ended December 31, 2023 Mike Yang, capital, January 1 Current assets Mike Yang, capital, December 31 Prepare a balance sheet at December 31, 2023, Total assets Total current assets Property, plant and equipment MY AUTOBODY Statement of Changes in Equity For Year Ended December 31, 2023 Current liabilites Total current liabilities Total liabilities and equity MY AUTOBODY Balance Sheet December 31, 2023 Assets Liabilities Equity $ $ $ $ 0 0 0
Transcribed Image Text:There were no investments by the owner during the year. Prepare an income statement for the year ended December 31, 2023. Revenues: Repair revenue Operating expenses: Depreciation expense, equipment Wages expense Insurance expense Rent expense Office supplies expense Utilities expense Total operating expenses Prepare a statement of changes inequity for the year ended December 31, 2023. MY AUTOBODY Income Statement For Year Ended December 31, 2023 Mike Yang, capital, January 1 Current assets Mike Yang, capital, December 31 Prepare a balance sheet at December 31, 2023, Total assets Total current assets Property, plant and equipment MY AUTOBODY Statement of Changes in Equity For Year Ended December 31, 2023 Current liabilites Total current liabilities Total liabilities and equity MY AUTOBODY Balance Sheet December 31, 2023 Assets Liabilities Equity $ $ $ $ 0 0 0
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