The adjusted trial balance of May Katok Auto Repair Shop, as of December 31, 2021, presented below is not in proper order. Credit Accounts Receivable Transportation Expense Bank loan payable (due in 5 years) Repair Income Unearned Interest Income Utility Expense Accounts Payable Debit 150,000 4,000 3,000 130,000 250,000 16,000 77,000
The adjusted trial balance of May Katok Auto Repair Shop, as of December 31, 2021, presented below is not in proper order. Credit Accounts Receivable Transportation Expense Bank loan payable (due in 5 years) Repair Income Unearned Interest Income Utility Expense Accounts Payable Debit 150,000 4,000 3,000 130,000 250,000 16,000 77,000
Financial Accounting Intro Concepts Meth/Uses
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ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter8: Revenue Recognition, Receivables, And Advances From Customers
Section: Chapter Questions
Problem 28E
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![Exercise 3.11 Income Statement, Statement of Changes in Equity and Statement of Financial
Position - Service Business HW
The adjusted trial balance of May Katok Auto Repair Shop, as of December 31, 2021, presented below is
not in proper order.
Credit
Z6BNOGAWN.
2-
3-
4
5-
7.
8.
9.
Accounts Receivable
Transportation Expense
Bank loan payable (due in 5 years)
Repair Income
Unearned Interest Income
10.
Utility Expense
Accounts Payable
Tax Payable (payable in 4 months)
Depreciation Expenses - Bldg.
Katok, Capital
Notes Receivable
Insurance Expense
Accrued Interest Payable
Allowance for Bad Debts
Interest expense
Notes Payable (2 years to pay)
Prepaid Interest Expense
Katok, Drawing
Salary Expense
Land
Interest Income
Building
Acc. Depreciation - Bldg.
Unused Office Supplies
Rent receivable
Office Supplies Expense
Tools
Cash
Rent Income
The total revenue/income is P
The total operating expenses is P
The net income or (net loss) is P
The total current assets is
P
The total non-current assets is
Total assets
Total current liabilities
Total non-current liabilities
Total liabilities
Katok, capital, end
P
P
P
P
P
P
P
Debit
150,000
4,000
3,000
Furniture and Equipment
120,000
Accumulated depreciation - Furniture and equipment
Additional information: There was no additional investment during the year.
INSTRUCTION: You are required to compute what is being asked and write your answer on the BLANK.
A separate computation in a yellow pad should be attached. No computation no credit.
1-
10,000
50,000
4,000
6,000
4,000
6,000
46,000
100,000
180,000
2,000
6,000
8,000
4,000
20,000
130,000
250,000
16,000
77,000
2,000
106,000
28,000
6,000
50,000
4,000
18,000
16,000
20,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcc869672-ee96-4265-817f-50a9d600a85d%2F5ed9bc5d-b183-4018-8b6a-cefe492b4a7d%2Flsdpb0s_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 3.11 Income Statement, Statement of Changes in Equity and Statement of Financial
Position - Service Business HW
The adjusted trial balance of May Katok Auto Repair Shop, as of December 31, 2021, presented below is
not in proper order.
Credit
Z6BNOGAWN.
2-
3-
4
5-
7.
8.
9.
Accounts Receivable
Transportation Expense
Bank loan payable (due in 5 years)
Repair Income
Unearned Interest Income
10.
Utility Expense
Accounts Payable
Tax Payable (payable in 4 months)
Depreciation Expenses - Bldg.
Katok, Capital
Notes Receivable
Insurance Expense
Accrued Interest Payable
Allowance for Bad Debts
Interest expense
Notes Payable (2 years to pay)
Prepaid Interest Expense
Katok, Drawing
Salary Expense
Land
Interest Income
Building
Acc. Depreciation - Bldg.
Unused Office Supplies
Rent receivable
Office Supplies Expense
Tools
Cash
Rent Income
The total revenue/income is P
The total operating expenses is P
The net income or (net loss) is P
The total current assets is
P
The total non-current assets is
Total assets
Total current liabilities
Total non-current liabilities
Total liabilities
Katok, capital, end
P
P
P
P
P
P
P
Debit
150,000
4,000
3,000
Furniture and Equipment
120,000
Accumulated depreciation - Furniture and equipment
Additional information: There was no additional investment during the year.
INSTRUCTION: You are required to compute what is being asked and write your answer on the BLANK.
A separate computation in a yellow pad should be attached. No computation no credit.
1-
10,000
50,000
4,000
6,000
4,000
6,000
46,000
100,000
180,000
2,000
6,000
8,000
4,000
20,000
130,000
250,000
16,000
77,000
2,000
106,000
28,000
6,000
50,000
4,000
18,000
16,000
20,000
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