FINANCIAL STATEMENTS 1. Prepare an income statement. 2. Prepare a statement of owner's equity. 3. Prepare a balance sheet. A work sheet for Megaffin's Repairs is shown below. No additional investments were made by the owner during the month. Megaffin's Repairs Work Sheet For Month Ended January 31, 20-- Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 3,673 3,673 3,673 Accounts Receivable 1,450 1,450 1,450 Supplies 700 300 400 400 Prepaid Insurance 900 230 670 670 Delivery Equipment 3,200 3,200 3,200 Accumulated Depreciation - Delivery Equipment 55 55 55 Accounts Payable 1,200 1,200 1,200 Wages Payable 400 400 400 Don Megaffin, Capital 8,000 8,000 8,000 Don Megaffin, Drawing 1,100 1,100 1,100 Repair Fees 4,700 4,700 4,700 Wages Expense 1,750 400 2,150 2,150 Advertising Expense 200 200 200 Rent Expense 640 640 640 Supplies Expense 300 300 300 Phone Expense 50 50 50 Insurance Expense 230 230 230 Gas and Oil Expense 200 200 200 Depreciation Expense - Delivery Equipment 55 55 55 Miscellaneous Expense 37 37 37 13,900 13,900 985 985 14,355 14,355 3,862 4,700 10,493 9,655 Net Income 838 838 4,700 4,700 10,493 10,493 Income Statement 1. Prepare an income statement. Megaffin's Repairs Income Statement For Month Ended January 31, 20-- $fill in the blank 5a7a22024fd1019_3 $fill in the blank 5a7a22024fd1019_6 fill in the blank 5a7a22024fd1019_8 fill in the blank 5a7a22024fd1019_10 fill in the blank 5a7a22024fd1019_12 fill in the blank 5a7a22024fd1019_14 fill in the blank 5a7a22024fd1019_16 fill in the blank 5a7a22024fd1019_18 fill in the blank 5a7a22024fd1019_20 fill in the blank 5a7a22024fd1019_22 fill in the blank 5a7a22024fd1019_24 $fill in the blank 5a7a22024fd1019_26 Statement of Owner's Equity 2. Prepare a statement of owner's equity. Megaffin's Repairs Statement of Owner's Equity For Month Ended January 31, 20-- $fill in the blank 898711f2af86fca_2 $fill in the blank 898711f2af86fca_4 fill in the blank 898711f2af86fca_6 fill in the blank 898711f2af86fca_8 $fill in the blank 898711f2af86fca_10 Balance Sheet 3. Prepare a balance sheet. Megaffin’s Repairs Balance Sheet January 31, 20-- Assets Current assets: $fill in the blank 7ca96afae042063_2 fill in the blank 7ca96afae042063_4 fill in the blank 7ca96afae042063_6 fill in the blank 7ca96afae042063_8 Total current assets $fill in the blank 7ca96afae042063_9 Property, plant, and equipment: $fill in the blank 7ca96afae042063_11 fill in the blank 7ca96afae042063_13 fill in the blank 7ca96afae042063_14 Total assets $fill in the blank 7ca96afae042063_15 Liabilities Current liabilities: $fill in the blank 7ca96afae042063_17 fill in the blank 7ca96afae042063_19 Total current liabilities $fill in the blank 7ca96afae042063_20 Owner's Equity fill in the blank 7ca96afae042063_22 Total liabilities and owner's equity $fill in the blank 7ca96afae042063_23

FINANCIAL STATEMENTS 1. Prepare an income statement. 2. Prepare a statement of owner's equity. 3. Prepare a balance sheet. A work sheet for Megaffin's Repairs is shown below. No additional investments were made by the owner during the month. Megaffin's Repairs Work Sheet For Month Ended January 31, 20-- Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 3,673 3,673 3,673 Accounts Receivable 1,450 1,450 1,450 Supplies 700 300 400 400 Prepaid Insurance 900 230 670 670 Delivery Equipment 3,200 3,200 3,200 Accumulated Depreciation - Delivery Equipment 55 55 55 Accounts Payable 1,200 1,200 1,200 Wages Payable 400 400 400 Don Megaffin, Capital 8,000 8,000 8,000 Don Megaffin, Drawing 1,100 1,100 1,100 Repair Fees 4,700 4,700 4,700 Wages Expense 1,750 400 2,150 2,150 Advertising Expense 200 200 200 Rent Expense 640 640 640 Supplies Expense 300 300 300 Phone Expense 50 50 50 Insurance Expense 230 230 230 Gas and Oil Expense 200 200 200 Depreciation Expense - Delivery Equipment 55 55 55 Miscellaneous Expense 37 37 37 13,900 13,900 985 985 14,355 14,355 3,862 4,700 10,493 9,655 Net Income 838 838 4,700 4,700 10,493 10,493 Income Statement 1. Prepare an income statement. Megaffin's Repairs Income Statement For Month Ended January 31, 20-- $fill in the blank 5a7a22024fd1019_3 $fill in the blank 5a7a22024fd1019_6 fill in the blank 5a7a22024fd1019_8 fill in the blank 5a7a22024fd1019_10 fill in the blank 5a7a22024fd1019_12 fill in the blank 5a7a22024fd1019_14 fill in the blank 5a7a22024fd1019_16 fill in the blank 5a7a22024fd1019_18 fill in the blank 5a7a22024fd1019_20 fill in the blank 5a7a22024fd1019_22 fill in the blank 5a7a22024fd1019_24 $fill in the blank 5a7a22024fd1019_26 Statement of Owner's Equity 2. Prepare a statement of owner's equity. Megaffin's Repairs Statement of Owner's Equity For Month Ended January 31, 20-- $fill in the blank 898711f2af86fca_2 $fill in the blank 898711f2af86fca_4 fill in the blank 898711f2af86fca_6 fill in the blank 898711f2af86fca_8 $fill in the blank 898711f2af86fca_10 Balance Sheet 3. Prepare a balance sheet. Megaffin’s Repairs Balance Sheet January 31, 20-- Assets Current assets: $fill in the blank 7ca96afae042063_2 fill in the blank 7ca96afae042063_4 fill in the blank 7ca96afae042063_6 fill in the blank 7ca96afae042063_8 Total current assets $fill in the blank 7ca96afae042063_9 Property, plant, and equipment: $fill in the blank 7ca96afae042063_11 fill in the blank 7ca96afae042063_13 fill in the blank 7ca96afae042063_14 Total assets $fill in the blank 7ca96afae042063_15 Liabilities Current liabilities: $fill in the blank 7ca96afae042063_17 fill in the blank 7ca96afae042063_19 Total current liabilities $fill in the blank 7ca96afae042063_20 Owner's Equity fill in the blank 7ca96afae042063_22 Total liabilities and owner's equity $fill in the blank 7ca96afae042063_23

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter6: Financial Statements And The Closing Process

Section: Chapter Questions

Problem 7SPA: FINANCIAL STATEMENTS Page 206 shows a work sheet for Megaffins Repairs. No additional investments...

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FINANCIAL STATEMENTS

1. Prepare an income statement.

2. Prepare a statement of owner's equity.

3. Prepare a balance sheet.

A work sheet for Megaffin's Repairs is shown below. No additional investments were made by the owner during the month.

Megaffin's Repairs Work Sheet For Month Ended January 31, 20--
	Trial Balance	Adjustments	Adjusted Trial Balance	Income Statement	Balance Sheet
Account Title	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	3,673				3,673				3,673
Accounts Receivable	1,450				1,450				1,450
Supplies	700			300	400				400
Prepaid Insurance	900			230	670				670
Delivery Equipment	3,200				3,200				3,200
Accumulated Depreciation - Delivery Equipment				55		55				55
Accounts Payable		1,200				1,200				1,200
Wages Payable				400		400				400
Don Megaffin, Capital		8,000				8,000				8,000
Don Megaffin, Drawing	1,100				1,100				1,100
Repair Fees		4,700				4,700		4,700
Wages Expense	1,750		400		2,150		2,150
Advertising Expense	200				200		200
Rent Expense	640				640		640
Supplies Expense			300		300		300
Phone Expense	50				50		50
Insurance Expense			230		230		230
Gas and Oil Expense	200				200		200
Depreciation Expense - Delivery Equipment			55		55		55
Miscellaneous Expense	37				37		37
	13,900	13,900	985	985	14,355	14,355	3,862	4,700	10,493	9,655
Net Income							838			838
							4,700	4,700	10,493	10,493

Income Statement

1. Prepare an income statement.

Megaffin's Repairs
Income Statement
For Month Ended January 31, 20--

		$fill in the blank 5a7a22024fd1019_3

	$fill in the blank 5a7a22024fd1019_6
	fill in the blank 5a7a22024fd1019_8
	fill in the blank 5a7a22024fd1019_10
	fill in the blank 5a7a22024fd1019_12
	fill in the blank 5a7a22024fd1019_14
	fill in the blank 5a7a22024fd1019_16
	fill in the blank 5a7a22024fd1019_18
	fill in the blank 5a7a22024fd1019_20
	fill in the blank 5a7a22024fd1019_22
		fill in the blank 5a7a22024fd1019_24
		$fill in the blank 5a7a22024fd1019_26

Statement of Owner's Equity

2. Prepare a statement of owner's equity.

Megaffin's Repairs
Statement of Owner's Equity
For Month Ended January 31, 20--
		$fill in the blank 898711f2af86fca_2
	$fill in the blank 898711f2af86fca_4
	fill in the blank 898711f2af86fca_6
		fill in the blank 898711f2af86fca_8
		$fill in the blank 898711f2af86fca_10

Balance Sheet

3. Prepare a balance sheet.

Megaffin’s Repairs
Balance Sheet
January 31, 20--
Assets
Current assets:
	$fill in the blank 7ca96afae042063_2
	fill in the blank 7ca96afae042063_4
	fill in the blank 7ca96afae042063_6
	fill in the blank 7ca96afae042063_8
Total current assets		$fill in the blank 7ca96afae042063_9
Property, plant, and equipment:
	$fill in the blank 7ca96afae042063_11
	fill in the blank 7ca96afae042063_13	fill in the blank 7ca96afae042063_14
Total assets		$fill in the blank 7ca96afae042063_15
Liabilities
Current liabilities:
	$fill in the blank 7ca96afae042063_17
	fill in the blank 7ca96afae042063_19
Total current liabilities		$fill in the blank 7ca96afae042063_20
Owner's Equity
		fill in the blank 7ca96afae042063_22
Total liabilities and owner's equity		$fill in the blank 7ca96afae042063_23

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