Sue Jantz started a business in August 20-- called Jantz Plumbing Service. Jantz hired a part-time college student as an administrative assistant.Refer to the trial balance on August 31, 20-- for Jantz Plumbing Service: Jantz Plumbing ServiceUNADJUSTED TRIAL BALANCEAugust 31, 20-- ACCOUNT TITLEDEBITCREDIT1Cash20,200.00 2Accounts Receivable2,700.00 3Office Supplies300.00 4Prepaid Insurance800.00 5Plumbing Equipment6,000.00 6Van8,000.00 7Accounts Payable 4,500.008Sue Jantz, Capital 30,000.009Sue Jantz, Drawing3,000.00 10Service Fees 9,800.0011Rent Expense700.00 12Wages Expense500.00 13Phone Expense100.00 14Advertising Expense2,000.00 15Totals44,300.0044,300.00 Sue Jantz invested $30,000 of cash in the business and withdrew $3,000 of cash during the month.Required:1.Prepare an income statement for Jantz Plumbing Service for the month ended August 31, 20--. InstructionsLabels and Amount DescriptionsIncome StatementInstructionsIncome StatementLabels and Amount DescriptionsLabelsAugust 31, 20-ExpensesFor Month Ended August 31, 20--RevenueAmount DescriptionsDecrease in CapitalIncrease in CapitalInvestments During AugustNet IncomeNet LossSue Jantz, Capital, August 1, 20-Sue Jantz, Capital, August 31, 20-- InstructionsIncome StatementJantz Plumbing ServiceIncome StatementAugust 31, 20-1 Revenue:23 (Label)4567

Name: Sue Jantz started a business in August 20-- called Jantz Plumbing Serv
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Description: Sue Jantz started a business in August 20-- called Jantz Plumbing Service. Jantz hired a part-time college student as an administrative assistant.Refer to the trial balance on August 31, 20-- for Jantz Plumbing Service: Jantz Plumbing ServiceUNADJUST

The income statement is prepared to estimate the net profit or loss incurred during the period.

Answered: Sue Jantz started a business in August…

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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Sue Jantz started a business in August 20-- called Jantz Plumbing Service. Jantz hired a part-time college student as an administrative assistant.

Refer to the trial balance on August 31, 20-- for Jantz Plumbing Service:

Jantz Plumbing Service

UNADJUSTED TRIAL BALANCE

August 31, 20--

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash	20,200.00
2	Accounts Receivable	2,700.00
3	Office Supplies	300.00
4	Prepaid Insurance	800.00
5	Plumbing Equipment	6,000.00
6	Van	8,000.00
7	Accounts Payable		4,500.00
8	Sue Jantz, Capital		30,000.00
9	Sue Jantz, Drawing	3,000.00
10	Service Fees		9,800.00
11	Rent Expense	700.00
12	Wages Expense	500.00
13	Phone Expense	100.00
14	Advertising Expense	2,000.00
15	Totals	44,300.00	44,300.00

Sue Jantz invested $30,000 of cash in the business and withdrew $3,000 of cash during the month.

Required:

1.	Prepare an income statement for Jantz Plumbing Service for the month ended August 31, 20--.

Instructions
Labels and Amount Descriptions
Income Statement
Instructions
Income Statement
Labels and Amount Descriptions
Labels
August 31, 20-
Expenses
For Month Ended August 31, 20--
Revenue
Amount Descriptions
Decrease in Capital
Increase in Capital
Investments During August
Net Income
Net Loss
Sue Jantz, Capital, August 1, 20-
Sue Jantz, Capital, August 31, 20--

Instructions
Income Statement
Jantz Plumbing Service
Income Statement
August 31, 20-
1 Revenue:
2
3 (Label)
4
5
6
7

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