From the partial work sheet, prepare an income statement, a statement of owner's equity, and a classified balance sheet. The owner made no additional investments in the business during the month. Carlos Perez Delivery Service Work Sheet (Partial) For Month Ended January 31, 20--   Income Statement Balance Sheet Account Title Debit Credit Debit Credit Cash     11,000   Accounts Receivable     1,500   Supplies     1,200   Prepaid Insurance     800   Delivery Equipment     5,000   Accum. Depr.—Delivery Equip.       400 Accounts Payable       900 Wages Payable       1,400 Carlos Perez, Capital       15,600 Carlos Perez, Drawing     1,500   Delivery Fees   6,400     Wages Expense 880       Rent Expense 1,100       Supplies Expense 220       Telephone Expense 175       Electricity Expense 320       Insurance Expense 550       Depr. Exp.—Delivery Equip. 400       Miscellaneous Expense 55         3,700 6,400 21,000 18,300 Net Income 2,700     2,700   6,400 6,400 21,000 21,000 1.  Prepare an income statement. Carlos Perez Delivery Service Income Statement For Month Ended January 31, 20--           $fill in the blank 3fed460aafcc053_3         $fill in the blank 3fed460aafcc053_6     fill in the blank 3fed460aafcc053_8     fill in the blank 3fed460aafcc053_10     fill in the blank 3fed460aafcc053_12     fill in the blank 3fed460aafcc053_14     fill in the blank 3fed460aafcc053_16     fill in the blank 3fed460aafcc053_18     fill in the blank 3fed460aafcc053_20       fill in the blank 3fed460aafcc053_22     $fill in the blank 3fed460aafcc053_24 2.  Prepare a statement of owner's equity. Carlos Perez Delivery Service Statement of Owner's Equity For Month Ended January 31, 20--     $fill in the blank c27f26fe6fbc062_2   $fill in the blank c27f26fe6fbc062_4     fill in the blank c27f26fe6fbc062_6       fill in the blank c27f26fe6fbc062_8     $fill in the blank c27f26fe6fbc062_10 3.  Prepare a balance sheet. Carlos Perez Delivery Service Balance Sheet January 31, 20-- Assets Current assets:       $fill in the blank 15a11afcc06704b_2     fill in the blank 15a11afcc06704b_4     fill in the blank 15a11afcc06704b_6     fill in the blank 15a11afcc06704b_8   Total current assets   $fill in the blank 15a11afcc06704b_9 Property, plant, and equipment:       $fill in the blank 15a11afcc06704b_11     fill in the blank 15a11afcc06704b_13 fill in the blank 15a11afcc06704b_14 Total assets   $fill in the blank 15a11afcc06704b_15 Liabilities Current liabilities:       $fill in the blank 15a11afcc06704b_17     fill in the blank 15a11afcc06704b_19   Total current liabilities   $fill in the blank 15a11afcc06704b_20 Owner's Equity     fill in the blank 15a11afcc06704b_22 Total liabilities and owner's equity   $fill in the blank 15a11afcc06704b_23

Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter7: Financial Statements For A Proprietorship
Section: Chapter Questions
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  1. From the partial work sheet, prepare an income statement, a statement of owner's equity, and a classified balance sheet. The owner made no additional investments in the business during the month.

    Carlos Perez Delivery Service
    Work Sheet (Partial)
    For Month Ended January 31, 20--
      Income Statement Balance Sheet
    Account Title Debit Credit Debit Credit
    Cash     11,000  
    Accounts Receivable     1,500  
    Supplies     1,200  
    Prepaid Insurance     800  
    Delivery Equipment     5,000  
    Accum. Depr.—Delivery Equip.       400
    Accounts Payable       900
    Wages Payable       1,400
    Carlos Perez, Capital       15,600
    Carlos Perez, Drawing     1,500  
    Delivery Fees   6,400    
    Wages Expense 880      
    Rent Expense 1,100      
    Supplies Expense 220      
    Telephone Expense 175      
    Electricity Expense 320      
    Insurance Expense 550      
    Depr. Exp.—Delivery Equip. 400      
    Miscellaneous Expense 55      
      3,700 6,400 21,000 18,300
    Net Income 2,700     2,700
      6,400 6,400 21,000 21,000

    1.  Prepare an income statement.

    Carlos Perez Delivery Service
    Income Statement
    For Month Ended January 31, 20--
         
        $fill in the blank 3fed460aafcc053_3
         
      $fill in the blank 3fed460aafcc053_6  
      fill in the blank 3fed460aafcc053_8  
      fill in the blank 3fed460aafcc053_10  
      fill in the blank 3fed460aafcc053_12  
      fill in the blank 3fed460aafcc053_14  
      fill in the blank 3fed460aafcc053_16  
      fill in the blank 3fed460aafcc053_18  
      fill in the blank 3fed460aafcc053_20  
        fill in the blank 3fed460aafcc053_22
        $fill in the blank 3fed460aafcc053_24

    2.  Prepare a statement of owner's equity.

    Carlos Perez Delivery Service
    Statement of Owner's Equity
    For Month Ended January 31, 20--
        $fill in the blank c27f26fe6fbc062_2
      $fill in the blank c27f26fe6fbc062_4  
      fill in the blank c27f26fe6fbc062_6  
        fill in the blank c27f26fe6fbc062_8
        $fill in the blank c27f26fe6fbc062_10

    3.  Prepare a balance sheet.

    Carlos Perez Delivery Service
    Balance Sheet
    January 31, 20--
    Assets
    Current assets:    
      $fill in the blank 15a11afcc06704b_2  
      fill in the blank 15a11afcc06704b_4  
      fill in the blank 15a11afcc06704b_6  
      fill in the blank 15a11afcc06704b_8  
    Total current assets   $fill in the blank 15a11afcc06704b_9
    Property, plant, and equipment:    
      $fill in the blank 15a11afcc06704b_11  
      fill in the blank 15a11afcc06704b_13 fill in the blank 15a11afcc06704b_14
    Total assets   $fill in the blank 15a11afcc06704b_15
    Liabilities
    Current liabilities:    
      $fill in the blank 15a11afcc06704b_17  
      fill in the blank 15a11afcc06704b_19  
    Total current liabilities   $fill in the blank 15a11afcc06704b_20
    Owner's Equity
        fill in the blank 15a11afcc06704b_22
    Total liabilities and owner's equity   $fill in the blank 15a11afcc06704b_23
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