43. On March 1, the amount of Richard Cook's capital in Richard's Catering Company was $150,000. During March, he withdrew $31,000 from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows: $10,250 45,950 23,840 64,950 1,275 85,400 1,210 3,000 9,000 20,300 Accounts payable Accounts receivable Cash Fees earned Insurance expense Land Miscellaneous expense Prepaid insurance Rent expense Salary expense Supplies Supplies expense Utilities expense 900 525 2,800 Present, in good form, (a) an income statement for March, (b) and a statement of owner's equity for March.
43. On March 1, the amount of Richard Cook's capital in Richard's Catering Company was $150,000. During March, he withdrew $31,000 from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows: $10,250 45,950 23,840 64,950 1,275 85,400 1,210 3,000 9,000 20,300 Accounts payable Accounts receivable Cash Fees earned Insurance expense Land Miscellaneous expense Prepaid insurance Rent expense Salary expense Supplies Supplies expense Utilities expense 900 525 2,800 Present, in good form, (a) an income statement for March, (b) and a statement of owner's equity for March.
Financial Reporting, Financial Statement Analysis and Valuation
8th Edition
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Chapter2: Asset And Liability Valuation And Income Recognition
Section: Chapter Questions
Problem 20PC: Analyzing Transactions. Using the analytical framework, indicate the effect of the following related...
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Step 1
Financial statement is prepared from the trial balance which include :-
- Profit and loss and other comprehensive income statement where all revenue and expenses will be shown and net profit or loss is calculated.
- Statement of financial position where all the assets , liabilities and equities has been shown.
Trial balance means a statement which include all the debit or credit balances of accounts from ledgers and should match as so to pass the test of equality of debit and credit.
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