Net Income and Change in Owner's Equity Wilhelm Kohl started a business in May 20-called Kohl's Home Repair. The trial balance showing balances for the month of May are shown. Kohl's Home Repair Van Trial Balance May 31, 20- Account Cash Accounts Receivable Office Supplies Prepaid Insurance Equipment Totals Debit Credit Balance Balance 10,240 2,600 200 1,000 7,000 8,000 Accounts Payable Wilhelm Kohl, Capital Wilhelm Kohl, Drawing Service Fees Rent Expense Wages Expense Phone Expense Gas and Of Expense 4,000 800 700 4,000 20,000 10,900 200 160 34,900 34,900 Required: Determine the following information. Use the format provided below. 1. a. Total revenue for the month b. Total expenses for the month c. Net Income for the month 000

Net Income and Change in Owner's Equity Wilhelm Kohl started a business in May 20-called Kohl's Home Repair. The trial balance showing balances for the month of May are shown. Kohl's Home Repair Van Trial Balance May 31, 20- Account Cash Accounts Receivable Office Supplies Prepaid Insurance Equipment Totals Debit Credit Balance Balance 10,240 2,600 200 1,000 7,000 8,000 Accounts Payable Wilhelm Kohl, Capital Wilhelm Kohl, Drawing Service Fees Rent Expense Wages Expense Phone Expense Gas and Of Expense 4,000 800 700 4,000 20,000 10,900 200 160 34,900 34,900 Required: Determine the following information. Use the format provided below. 1. a. Total revenue for the month b. Total expenses for the month c. Net Income for the month 000

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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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Net Income and Change in Owner's Equity Wilhelm Kohl started a business in May 20-- called Kohl’s Home Repair. The trial balance showing balances for the month of May are shown. Kohl's Home RepairTrial BalanceMay 31, 20-- Account DebitBalance CreditBalance Cash 21,805 Accounts Receivable 2,700 Office Supplies 160 Prepaid Insurance 1,100 Equipment 8,200 Van 6,000 Accounts Payable 4,400 Wilhelm Kohl, Capital 25,000 Wilhelm Kohl, Drawing 2,900 Service Fees 15,500 Rent Expense 850 Wages Expense 800 Phone Expense 230 Gas and Oil Expense 155 Totals 44,900 44,900 Required: Determine the following information. Use the format provided below. 1. a. Total revenue for the month b. Total expenses for the month c. Net income for the month 2. a. Wilhelm Kohl's original investment in the business + Net income for the month - Owner's drawing Increase (decrease) in…