Required:1. Prepare the following statements of the company from the data given above:Income Statement for the year ending at December 31, 2020Retained Earnings Statement for the year ending at December 31, 2020Balance Sheet as at December 31, 2020 Provided below is the adjusted trial balance of Garden Wizards.GARDEN WIZARDSAdjusted Trial balanceDecember 31, 2020Debit BalancesRs.Credit BalancesRs.CashAccumulated Depreciation:4506600Furniture and fixturesAccounts Receivable220 | Accounts Payable7100Unexpired InsurancePrepaid RentOffice Supplies1600 | Notes Payable1800 Salaries Payable900 Interest payable240002100170Furniture and fixtures10000 | Unearned Services Revenue600Insurance Expense6200 | Capital Stock12000 Retained Earning4000Office Rent Expense2000Supplies ExpenseSalary expenseDepreciation expense: furniture andfixtures300 Services Revenue56700480001200Office and telephone expense4600Internet service expense.7200Legal expense1800Interest expense2700Miscellaneous expense4300Total103,270 | Total103,270

Name: Required:1. Prepare the following statements of the company from the d
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Description: Required:1. Prepare the following statements of the company from the data given above:Income Statement for the year ending at December 31, 2020Retained Earnings Statement for the year ending at December 31, 2020Balance Sheet as at December 31, 2020 P

The financial statements of the business include the income statement and balance sheet of the firm.

Business

Accounting

Required: 1. Prepare the following statements of the company from the data given above: Income Statement for the year ending at December 31, 2020 Retained Earnings Statement for the year ending at December 31, 2020 Balance Sheet as at December 31, 2020

Required: 1. Prepare the following statements of the company from the data given above: Income Statement for the year ending at December 31, 2020 Retained Earnings Statement for the year ending at December 31, 2020 Balance Sheet as at December 31, 2020

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows.ELLIOT PAINTING SERVICESWorksheetfor the year ended 30 June 2019Adjusted trial balance Account Cash at Bank 1 230Accounts Receivable 75 600Prepaid Rent 1 800Office Supplies 8 320Equipment 160 000Accum. Depr. Equip’t 25 000Accounts Payable 54 000Salaries Payable 8 760Unearned Revenue 3 430F. Elliot, Capital 101 500F. Elliot, Drawings 22 000Painting Revenue 219 650Salaries Expense 106 000Rent Expense 6 050Depreciation Expense 8 040Telephone Expense 4 020Office Supplies Used 10 080Sundry Expenses 9 200Required:a) Prepare Income Statement and Balance Sheetb) Prepare the closing entries necessary at 30 June 2019, assuming that this date is the end of theentity’s accounting period.
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The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows.ELLIOT PAINTING SERVICESWorksheet (Partial)for the year ended 30 June 2019Adjusted trial balance Income statement Balance sheetAccount Debit Credit Debit Credit Debit CreditCash at Bank 1 230Accounts Receivable 75 600Prepaid Rent 1 800Office Supplies 8 320Equipment 160 000Accum. Depr. Equip’t 25 000Accounts Payable 54 000Salaries Payable 8 760Unearned Revenue 3 430F. Elliot, Capital 101 500F. Elliot, Drawings 22 000Painting Revenue 219 650Salaries Expense 106 000Rent Expense 6 050Depreciation Expense 8 040Telephone Expense 4 020Office Supplies Used 10 080Sundry Expenses 9 200$412 340 $412 340Profit for the periodRequired:a) Complete the worksheet. (6 marks)b) Prepare the closing entries necessary at 30 June 2019, assuming that this date is the end of theentity’s accounting period. (4 marks)
The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows.ELLIOT PAINTING SERVICESWorksheet (Partial)for the year ended 30 June 2019Adjusted trial balance Income statement Balance sheetAccount Debit Credit Debit Credit Debit CreditCash at Bank 1 230Accounts Receivable 75 600Prepaid Rent 1 800Office Supplies 8 320Equipment 160 000Accum. Depr. Equip’t 25 000Accounts Payable 54 000Salaries Payable 8 760Unearned Revenue 3 430F. Elliot, Capital 101 500F. Elliot, Drawings 22 000Painting Revenue 219 650Salaries Expense 106 000Rent Expense 6 050Depreciation Expense 8 040Telephone Expense 4 020Office Supplies Used 10 080Sundry Expenses 9 200Profit for the period_ debit is $412340 and credit is $412340Required:a) Complete the worksheet. b) Prepare the closing entries necessary at 30 June 2019, assuming that this date is the end of the entity’s accounting period.
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