Please prepare Income Statement, Equity and Financial Position.Thank you! PERFORMANCE TASK for Application of SCI, SCE, and WorksheetBelow is the preliminary Trial Balance of Kayapaba's Service Centerfor the Calendar year 2018.KAYAPABA'S SERVICE CENTERMr. J, CapitalOffice EquipmentAccounts Payable85 000.00 Notes Receivable12 000.00 Notes Payable16 600.00 Interest Income1 200.00 ST8 000.00 S360.00 SFCommuniconsCash18 540.001 250.00 SExpense21 500.00 Interest ExpenseTools220.00Postage and StampsExpenseMr. J, Drawing10 000.0050.00 S-Accounts21 460.00 Insurance Expense4 100.00 SReceivableMortgage PayableLoan Payable(Short Term)30 000.00 Service Vehicle84 700.00 SF20 000.00 Utilities Expense160.00Service Income78 560.00 Supplies Expense3 150.00 SFurniture and8 900.00 Shop Equipment36 290.00 SFixturesSalaries Expense21 000.00 Rental Income6 000.00 SCS Scanned with CamScanner

Income statement: The income statement determines the net income of the business by subtracting the…

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Accounting

prepare Income Statement, Equity and Financial Position

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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Question

Please prepare Income Statement, Equity and Financial Position. Thank you!

PERFORMANCE TASK for Application of SCI, SCE, and Worksheet
Below is the preliminary Trial Balance of Kayapaba's Service Center
for the Calendar year 2018.
KAYAPABA'S SERVICE CENTER
Mr. J, Capital
Office Equipment
Accounts Payable
85 000.00 Notes Receivable
12 000.00 Notes Payable
16 600.00 Interest Income
1 200.00 ST
8 000.00 S
360.00 SF
Communic
ons
Cash
18 540.00
1 250.00 S
Expense
21 500.00 Interest Expense
Tools
220.00
Postage and Stamps
Expense
Mr. J, Drawing
10 000.00
50.00 S-
Accounts
21 460.00 Insurance Expense
4 100.00 S
Receivable
Mortgage Payable
Loan Payable
(Short Term)
30 000.00 Service Vehicle
84 700.00 SF
20 000.00 Utilities Expense
160.00
Service Income
78 560.00 Supplies Expense
3 150.00 S
Furniture and
8 900.00 Shop Equipment
36 290.00 S
Fixtures
Salaries Expense
21 000.00 Rental Income
6 000.00 S
CS Scanned with CamScanner

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