Prepare an income statement, balance sheet and statement of owner’s equity for the year ended December 31, 2012 from the following adjusted trial balance: Deavours Photography Adjusted Trial Balance December 31, 2012 Accounts Debit Credit Cash $2,000 Prepaid insurance 2,000 Office supplies 600 Office equipment 16,000 Accumulated depreciation $3,000 Accounts payable 5,000 Salaries payable 900 Unearned service revenue 2,500 C. Devours, capital 7,450 C. Devours, drawing 5,600 Service revenue 15,350 Salaries expense 4,600 Depreciation expense 1,000 Supplies expense 400 Insurance expense 2,000 Totals $34,200 $34,200
Prepare an income statement,
year ended December 31, 2012 from the following adjusted
Deavours Photography
Adjusted Trial Balance
December 31, 2012
Accounts Debit Credit
Cash $2,000
Prepaid insurance 2,000
Office supplies 600
Office equipment 16,000
Accounts payable 5,000
Salaries payable 900
Unearned service revenue 2,500
C. Devours, capital 7,450
C. Devours, drawing 5,600
Service revenue 15,350
Salaries expense 4,600
Depreciation expense 1,000
Supplies expense 400
Insurance expense 2,000
Totals $34,200 $34,200
Income Statement :— Income Statement is a Statement which showed the Profit and Loss During the Year. income Statement Include net Revenue From Operation and Expenses during the Period.
Balance Sheet :— Balance Sheet Provides the Financial Position of the Organisation. Balance showed an Summary information related to all Assets, Liabilities and Owners Equity.
Owner's Equity :— Owner's equity is essentially the owner's rights to the assets of the business.
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