The account balances of Miss Beverly's Tutoring Service as of June 30, the end of the current fiscal year, are as follows: 1 Cash 2 Accounts Receivable 3 Supplies -4 Prepaid Insurance 5 Equipment 16 Accum. Depr., Equipment 7 Van 8 Accumulated Depreciation, Van 9 Accounts Payable 10 B. Morrow, Capital 11 B. Morrow, Drawing 12 Fees Earned 13 Salaries Expense 4 Advertising Expense 15 Van Operating Expense 16 Utilities Expense 17 Miscellaneous Expense 18 ACCOUNT NAME 19 Insurance Expense 20 Depr. Exp., Equipment 21 Depreciation Expense, Van 22 Salaries Payable 23 Supplies Expense 24 25 Net Income 26 Required: . Prepare an income statement. Miss Beverly's Tutoring Service TRIAL BALANCE DEBIT 6,491.00 624.00 527.00 1,280.00 5,497.00 0 13,674.00 0 0 0 18,000.00 0 16,000.00 2,200.00 705.00 1,248.00 358.00 66,604.00 0 0 0 0 0 0 0 0 CREDIT 0 0 0 0 0 2,472.00 0 4,168.00 1,436.00 14,848.00 0 43,680.00 0 0 0 0 0 66,604.00 0 0 0 0 0 0 0 0 ADJUSTMENTS DEBIT 0 0 0 0 0 0 0 0 0 0 0 0 574.00 0 0 0 0 0 470.00 948.00 1,490.00 0 120.00 3,602.00 0 Miss Beverly's Tutoring Service Work Sheet For Year Ended June 30, 20- 0 CREDIT 0 0 120.00 470.00 0 948.00 0 1,490.00 0 0 0 0 0 0 0 0 0 0 0 0 0 574.00 0 3,602.00 0 0 ADJUSTED TRIAL BALANCE DEBIT 6,491.00 624.00 407.00 810.00 5,497.00 0 13,674.00 0 0 0 18,000.00 0 16,574.00 2,200.00 705.00 1,248.00 358.00 0 470.00 948.00 1,490.00 0 120.00 69,616.00 0 0 CREDIT 0 0 0 0 0 3,420.00 0 5,658.00 1,436.00 14,848.00 0 43,680.00 0 0 0 0 0 0 0 0 0 574.00 0 69,616.00 0 0 INCOME STATEMENT DEBIT 0 0 0 0 0 0 0 0 0 0 0 0 16,574.00 2,200.00 705.00 1,248.00 358.00 0 470.00 948.00 1,490.00 0 120.00 24,113.00 19,567.00 43,680.00 CREDIT 0 0 0 0 0 0 0 0 0 0 0 43,680.00 0 0 0 0 0 0 0 0 0 0 0 43,680.00 0 43,680.00 BALANCE SHEET DEBIT 6,491.00 624.00 407.00 810.00 5,497.00 0 13,674.00 0 0 0 18,000.00 0 0 0 0 0 0 0 0 0 0 0 0 45,503.00 0 45,503.00 CREDIT 01 02 03 04 05 3,420.00 6 5,658.00 8 1,436.00 9 14,848.00 10 011 0 12 0 13 0 14 015 016 0 17 0 18 0 19 0 20 021 574.00 22 0 23 25,936.00 24 19,567.00 25 45,503.00 26

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
The account balances of Miss Beverly's Tutoring Service as of June 30, the end of the current fiscal year, are as follows:
1 Cash
2 Accounts Receivable
ACCOUNT NAME
3 Supplies
4 Prepaid Insurance
5 Equipment
6 Accum. Depr., Equipment
7 Van
8 Accumulated Depreciation, Van
9 Accounts Payable
10 B. Morrow, Capital
11 B. Morrow, Drawing
12 Fees Earned
13 Salaries Expense
14 Advertising Expense
15 Van Operating Expense
16 Utilities Expense
17 Miscellaneous Expense
18
19 Insurance Expense
20 Depr. Exp., Equipment
21 Depreciation Expense, Van
22 Salaries Payable
23 Supplies Expense
24
25 Net Income
26
Required:
1. Prepare an income statement.
Miss Beverly's Tutoring Service
TRIAL BALANCE
DEBIT
6,491.00
624.00
527.00
1,280.00
5,497.00
0
13,674.00
0
0
0
18,000.00
0
16,000.00
2,200.00
705.00
1,248.00
358.00
66,604.00
0
0
0
0
0
0
0
0
CREDIT
0
0
0
0
0
2,472.00
0
4,168.00
1,436.00
14,848.00
0
43,680.00
0
0
0
0
0
66,604.00
0
0
0
0
0
0
0
0
DEBIT
ADJUSTMENTS
0
0
0
0
0
0
0
0
0
0
0
0
574.00
0
0
0
0
0
470.00
948.00
1,490.00
0
120.00
3,602.00
0
Miss Beverly's Tutoring Service
Work Sheet
0
For Year Ended June 30, 20-
CREDIT
0
0
120.00
470.00
0
948.00
0
1,490.00
0
0
0
0
0
0
0
0
0
0
0
0
0
574.00
0
3,602.00
0
0
ADJUSTED TRIAL BALANCE
DEBIT
6,491.00
624.00
407.00
810.00
5,497.00
0
13,674.00
0
0
0
18,000.00
0
16,574.00
2,200.00
705.00
1,248.00
358.00
0
470.00
948.00
1,490.00
0
120.00
69,616.00
0
0
CREDIT
0
0
0
0
0
3,420.00
0
5,658.00
1,436.00
14,848.00
0
43,680.00
0
0
0
0
0
0
0
0
0
574.00
0
69,616.00
0
0
INCOME STATEMENT
DEBIT
0
0
0
0
0
0
0
0
0
0
0
0
16,574.00
2,200.00
705.00
1,248.00
358.00
0
470.00
948.00
1,490.00
0
120.00
24,113.00
19,567.00
43,680.00
CREDIT
0
0
0
0
0
0
0
0
0
0
0
43,680.00
0
0
0
0
0
0
0
0
0
0
0
43,680.00
0
43,680.00
BALANCE SHEET
DEBIT
6,491.00
624.00
407.00
810.00
5,497.00
0
13,674.00
0
0
0
18,000.00
0
0
0
0
0
0
0
0
0
0
0
0
45,503.00
0
45,503.00
CREDIT
01
02
0 3
04
05
3,420.00 6
0 7
5,658.00 8
1,436.00 9
14,848.00 10
0 11
0 12
0 13
0 14
0 15
0 16
0 17
0 18
0 19
0 20
0 21
574.00 22
0 23
25,936.00 24
19,567.00 25
45,503.00 26
Transcribed Image Text:The account balances of Miss Beverly's Tutoring Service as of June 30, the end of the current fiscal year, are as follows: 1 Cash 2 Accounts Receivable ACCOUNT NAME 3 Supplies 4 Prepaid Insurance 5 Equipment 6 Accum. Depr., Equipment 7 Van 8 Accumulated Depreciation, Van 9 Accounts Payable 10 B. Morrow, Capital 11 B. Morrow, Drawing 12 Fees Earned 13 Salaries Expense 14 Advertising Expense 15 Van Operating Expense 16 Utilities Expense 17 Miscellaneous Expense 18 19 Insurance Expense 20 Depr. Exp., Equipment 21 Depreciation Expense, Van 22 Salaries Payable 23 Supplies Expense 24 25 Net Income 26 Required: 1. Prepare an income statement. Miss Beverly's Tutoring Service TRIAL BALANCE DEBIT 6,491.00 624.00 527.00 1,280.00 5,497.00 0 13,674.00 0 0 0 18,000.00 0 16,000.00 2,200.00 705.00 1,248.00 358.00 66,604.00 0 0 0 0 0 0 0 0 CREDIT 0 0 0 0 0 2,472.00 0 4,168.00 1,436.00 14,848.00 0 43,680.00 0 0 0 0 0 66,604.00 0 0 0 0 0 0 0 0 DEBIT ADJUSTMENTS 0 0 0 0 0 0 0 0 0 0 0 0 574.00 0 0 0 0 0 470.00 948.00 1,490.00 0 120.00 3,602.00 0 Miss Beverly's Tutoring Service Work Sheet 0 For Year Ended June 30, 20- CREDIT 0 0 120.00 470.00 0 948.00 0 1,490.00 0 0 0 0 0 0 0 0 0 0 0 0 0 574.00 0 3,602.00 0 0 ADJUSTED TRIAL BALANCE DEBIT 6,491.00 624.00 407.00 810.00 5,497.00 0 13,674.00 0 0 0 18,000.00 0 16,574.00 2,200.00 705.00 1,248.00 358.00 0 470.00 948.00 1,490.00 0 120.00 69,616.00 0 0 CREDIT 0 0 0 0 0 3,420.00 0 5,658.00 1,436.00 14,848.00 0 43,680.00 0 0 0 0 0 0 0 0 0 574.00 0 69,616.00 0 0 INCOME STATEMENT DEBIT 0 0 0 0 0 0 0 0 0 0 0 0 16,574.00 2,200.00 705.00 1,248.00 358.00 0 470.00 948.00 1,490.00 0 120.00 24,113.00 19,567.00 43,680.00 CREDIT 0 0 0 0 0 0 0 0 0 0 0 43,680.00 0 0 0 0 0 0 0 0 0 0 0 43,680.00 0 43,680.00 BALANCE SHEET DEBIT 6,491.00 624.00 407.00 810.00 5,497.00 0 13,674.00 0 0 0 18,000.00 0 0 0 0 0 0 0 0 0 0 0 0 45,503.00 0 45,503.00 CREDIT 01 02 0 3 04 05 3,420.00 6 0 7 5,658.00 8 1,436.00 9 14,848.00 10 0 11 0 12 0 13 0 14 0 15 0 16 0 17 0 18 0 19 0 20 0 21 574.00 22 0 23 25,936.00 24 19,567.00 25 45,503.00 26
Required:
1. Prepare an income statement.
Miss Beverly's Tutoring Service
Income Statement
For Year Ended June 30, 20--
Revenue:
Expenses:
Total Expenses
Net Income
2. Prepare a statement of owner's equity. Assume there was an additional investment of $3,000 on June 10.
Miss Beverly's Tutoring Service
Statement of Owner's Equity
For Year Ended June 30, 20--
Subtotal
00
B. Morrow, Capital, June 30, 20--
gogo
Transcribed Image Text:Required: 1. Prepare an income statement. Miss Beverly's Tutoring Service Income Statement For Year Ended June 30, 20-- Revenue: Expenses: Total Expenses Net Income 2. Prepare a statement of owner's equity. Assume there was an additional investment of $3,000 on June 10. Miss Beverly's Tutoring Service Statement of Owner's Equity For Year Ended June 30, 20-- Subtotal 00 B. Morrow, Capital, June 30, 20-- gogo
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