Instruction: From the following partial worksheet of Atty. Villanueva for six-month period ended December 31, 2019, prepare the financial statement in good form. Trial Balance Debit Credit Income Statement Credit Debit Balance Sheet Debit Credit Cash on Hand 40,000 50,000 30,000 40,000 50,000 30,000 10,000 20,000 15,000 Cash in Bank Accounts Receivable Note Receivable Prepaid Insurance Office Furniture Accounts Payable Notes Payable М. Сapital M. Drawing Service Income Salaries Expense Supplies Expense Taxes and Licenses Rent Expense Interest Expense 10,000 20,000 15,000 20,000 10,000 77,000 20,000 10,000 77,000 5,000 5,000 150,000 150,000 36,000 8,000 5,000 24,000 2,000 3,000 36,000 8,000 5,000 24,000 2,000 3,000 Bad Debts Allowance for Bad Debts 3,000 3,000 Depreciation Expense Accumulated Depreciation - Furniture Insurance Expense Unused Supplies Interest Income 1,500 1,500 1,500 1,500 10,000 10,000 3,000 3,000 1,000 262,500 262,500 89,500 151,000 173,000 111,500 Net Income 61,500 151,000 151,000 173,000 173,000 61,500 Total

Instruction: From the following partial worksheet of Atty. Villanueva for six-month period ended December 31, 2019, prepare the financial statement in good form. Trial Balance Debit Credit Income Statement Credit Debit Balance Sheet Debit Credit Cash on Hand 40,000 50,000 30,000 40,000 50,000 30,000 10,000 20,000 15,000 Cash in Bank Accounts Receivable Note Receivable Prepaid Insurance Office Furniture Accounts Payable Notes Payable М. Сapital M. Drawing Service Income Salaries Expense Supplies Expense Taxes and Licenses Rent Expense Interest Expense 10,000 20,000 15,000 20,000 10,000 77,000 20,000 10,000 77,000 5,000 5,000 150,000 150,000 36,000 8,000 5,000 24,000 2,000 3,000 36,000 8,000 5,000 24,000 2,000 3,000 Bad Debts Allowance for Bad Debts 3,000 3,000 Depreciation Expense Accumulated Depreciation - Furniture Insurance Expense Unused Supplies Interest Income 1,500 1,500 1,500 1,500 10,000 10,000 3,000 3,000 1,000 262,500 262,500 89,500 151,000 173,000 111,500 Net Income 61,500 151,000 151,000 173,000 173,000 61,500 Total

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 7E

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