S. Wallace, a speech therapist, opened a clinic in the name of Wallace Clinic. Her accountant prepared the following alphabetic list of accounts and balances as of June 30, 20--: ACCOUNT NAME BALANCE Accounts Payable Accounts Receivable Cash Miscellaneous Expense Office Equipment Office Furniture Professional Fees Rent Expense S. Wallace, Capital S. Wallace, Drawing Salary Expense Utilities Expense All the above accounts have normal balances. Prepare an income statement for June 30, 20- Wallace Clinic Income Statement For Month Ended June 30, 20-- Expenses: Total Expenses Subtotal QOOO Total Assots 0000 Prepare a balance sheet as of June 30, 20-- Wallace Clinic Balance Sheet June 30, 20-- Assats Prepare a statement of owner's equity for June 30, 20--. If an amount is zero, enter "0". Wallace Clinic Statement of Owner's Equity For Month Ended June 30, 20-- 8 00 Liabilities QO00 Owner's Equity Total Liabilities and Owner's Equity 2,865 1,102 51,693 720 2,000 1,800 5,952 990 52,000 920 1,120 472 QOQ
S. Wallace, a speech therapist, opened a clinic in the name of Wallace Clinic. Her accountant prepared the following alphabetic list of accounts and balances as of June 30, 20--: ACCOUNT NAME BALANCE Accounts Payable Accounts Receivable Cash Miscellaneous Expense Office Equipment Office Furniture Professional Fees Rent Expense S. Wallace, Capital S. Wallace, Drawing Salary Expense Utilities Expense All the above accounts have normal balances. Prepare an income statement for June 30, 20- Wallace Clinic Income Statement For Month Ended June 30, 20-- Expenses: Total Expenses Subtotal QOOO Total Assots 0000 Prepare a balance sheet as of June 30, 20-- Wallace Clinic Balance Sheet June 30, 20-- Assats Prepare a statement of owner's equity for June 30, 20--. If an amount is zero, enter "0". Wallace Clinic Statement of Owner's Equity For Month Ended June 30, 20-- 8 00 Liabilities QO00 Owner's Equity Total Liabilities and Owner's Equity 2,865 1,102 51,693 720 2,000 1,800 5,952 990 52,000 920 1,120 472 QOQ
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter4: Income Measurement And Accrual Accounting
Section: Chapter Questions
Problem 4.1IP
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