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The trial balance of Your Company as of December 31 is presented below. Cash Accounts receivable Supplies Prepaid insurance Buildings Accounts payable Wages payable Interest payable Unearned revenue Notes payable Your, Capital Your, Withdrawals Services revenue Rent revenue Wages expense Interest expense Insurance expense Utilities expense Supplies expense Repairs expense Totals Your Company Trial Balance December 31 Debit $ 44,800 19, 200 9,600 3,200 121,600 4,800 64,000 3,200 6,400 22,400 6,400 14,400 $ 320,000 Credit $ 16,000 22,400 3,200 12,800 38,400 96,000 118,400 12,800 $ 320,000 Required: 1) Prepare an income statement for the year ended December 31. 2) Prepare a statement of owner's equity for the year ended December 31. The capital balance on January 1 was $96,000. There were no owner investments during the year. 3) Prepare a balance sheet at December 31.

The trial balance of Your Company as of December 31 is presented below. Cash Accounts receivable Supplies Prepaid insurance Buildings Accounts payable Wages payable Interest payable Unearned revenue Notes payable Your, Capital Your, Withdrawals Services revenue Rent revenue Wages expense Interest expense Insurance expense Utilities expense Supplies expense Repairs expense Totals Your Company Trial Balance December 31 Debit $ 44,800 19, 200 9,600 3,200 121,600 4,800 64,000 3,200 6,400 22,400 6,400 14,400 $ 320,000 Credit $ 16,000 22,400 3,200 12,800 38,400 96,000 118,400 12,800 $ 320,000 Required: 1) Prepare an income statement for the year ended December 31. 2) Prepare a statement of owner's equity for the year ended December 31. The capital balance on January 1 was $96,000. There were no owner investments during the year. 3) Prepare a balance sheet at December 31.

FINANCIAL ACCOUNTING
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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The trial balance of Your Company as of December 31 is presented below. Cash Accounts receivable Supplies Prepaid insurance Buildings Accounts payable Wages payable Interest payable Unearned revenue Notes payable Your, Capital Your, Withdrawals Services revenue Rent revenue Wages expense Interest expense Insurance expense Utilities expense Supplies expense Repairs expense Totals Your Company Trial Balance December 31 Debit $ 44,800 19, 200 9,600 3,200 121,600 4,800 64,000 3,200 6,400 22,400 6,400 14,400 $ 320,000 Credit $ 16,000 22,400 3,200 12,800 38,400 96,000 118,400 12,800 $ 320,000 Required: 1) Prepare an income statement for the year ended December 31. 2) Prepare a statement of owner's equity for the year ended December 31. The capital balance on January 1 was $96,000. There were no owner investments during the year. 3) Prepare a balance sheet at December 31.
Transcribed Image Text:The trial balance of Your Company as of December 31 is presented below. Cash Accounts receivable Supplies Prepaid insurance Buildings Accounts payable Wages payable Interest payable Unearned revenue Notes payable Your, Capital Your, Withdrawals Services revenue Rent revenue Wages expense Interest expense Insurance expense Utilities expense Supplies expense Repairs expense Totals Your Company Trial Balance December 31 Debit $ 44,800 19, 200 9,600 3,200 121,600 4,800 64,000 3,200 6,400 22,400 6,400 14,400 $ 320,000 Credit $ 16,000 22,400 3,200 12,800 38,400 96,000 118,400 12,800 $ 320,000 Required: 1) Prepare an income statement for the year ended December 31. 2) Prepare a statement of owner's equity for the year ended December 31. The capital balance on January 1 was $96,000. There were no owner investments during the year. 3) Prepare a balance sheet at December 31.
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