1. Prepare an income statement for the two months ended August 31, 20--.Carley's Car CareIncome StatementFor Two Months Ended August 31, 20--Revenue:Expenses:Total ExpensesNet Income2. Prepare a statement of owner's equity for the two months ended August 31, 20--Carley's Car CareStatement of Owner's EquityFor Two Months Ended August 31, 20--3Total Assets83. Prepare a balance sheet as of August 31, 20--.Carley's Car CareBalance SheetAugust 31, 20--AssetsLiabilitiesOwner's EquityTotal Liabilities and Owner's Equity00 As of August 31, 20-- Carley's Car Care's general ledger balances, listed in alphabetical order of accounts, are as follows:AccountsAccounts PayableAccounts ReceivableAdvertising ExpenseCashEquipmentIncome from ServicesM. Carley, Capital (beginning)M. Carley, DrawingPrepaid InsuranceRent ExpenseSuppliesUtilities ExpenseWages ExpenseBalance$4,639.00544.001,107.0030,539.0018,950.0021,378.0042,000.006,300.00840.002,100.001,115.001,076.005,446.00

Name: 1. Prepare an income statement for the two months ended August 31, 20
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Description: 1. Prepare an income statement for the two months ended August 31, 20--.Carley's Car CareIncome StatementFor Two Months Ended August 31, 20--Revenue:Expenses:Total ExpensesNet Income2. Prepare a statement of owner's equity for the two months ended A

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Net Income 2. Prepare a statement of owner's equity for the two months ended August Carley's Car Care Statement of Owner's Equity For Two Months Ended August 31, 20-- 3. Prepare a balance sheet as of August 31, 20--. Carley's Car Care Balance Sheet

Net Income 2. Prepare a statement of owner's equity for the two months ended August Carley's Car Care Statement of Owner's Equity For Two Months Ended August 31, 20-- 3. Prepare a balance sheet as of August 31, 20--. Carley's Car Care Balance Sheet

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

1. Prepare an income statement for the two months ended August 31, 20--.
Carley's Car Care
Income Statement
For Two Months Ended August 31, 20--
Revenue:
Expenses:
Total Expenses
Net Income
2. Prepare a statement of owner's equity for the two months ended August 31, 20--
Carley's Car Care
Statement of Owner's Equity
For Two Months Ended August 31, 20--
3
Total Assets
8
3. Prepare a balance sheet as of August 31, 20--.
Carley's Car Care
Balance Sheet
August 31, 20--
Assets
Liabilities
Owner's Equity
Total Liabilities and Owner's Equity
00

As of August 31, 20-- Carley's Car Care's general ledger balances, listed in alphabetical order of accounts, are as follows:
Accounts
Accounts Payable
Accounts Receivable
Advertising Expense
Cash
Equipment
Income from Services
M. Carley, Capital (beginning)
M. Carley, Drawing
Prepaid Insurance
Rent Expense
Supplies
Utilities Expense
Wages Expense
Balance
$4,639.00
544.00
1,107.00
30,539.00
18,950.00
21,378.00
42,000.00
6,300.00
840.00
2,100.00
1,115.00
1,076.00
5,446.00

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