Chapter 3, Problem 23AE

Preparing a financial statement (Learning Objective 3) 15-20 min.

The adjusted trial balance for Chef on Demand Catering, Inc., is presented below. Prepare the income statement and statement of retained earnings for Chef on Demand Catering, Inc., for the month ended January 31,2018. Also prepare a balance sheet at January 31,2018.

Chef on Demand Catering, Inc. Adjusted Trial Balance January 31,2018
		ACCOUNT	DEBIT	CREDIT
		Cash	$15,100
		Accounts Receivable	6,500
		Supplies	500
		Equipment	24,300
		Accumulated Depreciation. Equipment		$ 9,900
		Accounts Payable		4,000
		Salaries Payable		800
		Unearned Service Revenue		2,600
		Common Stock		9,000
		Retained Earnings		11,100
		Dividends	1,100
		Service Revenue		18,400
		Salaries Expense	4,200
		Rent Expense	2,300
		Depreciation Expense, Equipment	1,300
		Supplies Expense	500
		Total	$55,800	$55,800