Walston Company provides consulting services. Here are the account totals for the month ended September 30, 2019. CASH $35,000 NOTES PAYABLE $20,000 16,000 5,000 ACCOUNTS RECEIVABLE CAPITAL, SEPTEMBER 1 40,000 SUPPLIES SERVICE REVENUE 120,000 EQUIPMENT 40,000 TOTAL EXPENSES 110,000 ACCOUNTS PAYABLE 28,000 OWNER DRAWINGS 2,000 Using the data above, create an income statement, owner's equity statement and balance sheet. On the balance sheet, the assets must equal liabilities + owner's equity. Walston Company Income Statement For Month Ended 9/30/19 Walston Company Walston Company Balance Sheet 9/30/19 Owner's Equity Statement For Month Ended 9/30/19 CAPITAL, 9/1/19 + NET INCOME FOR SEPTEMBER SUBTOTAL CASH ACCOUNTS RECEIVABLE SUPPLIES EQUIPMENT TOTAL ASSETS SERVICE REVENUE 10 ACCOUNTS PAYABLE TOTAL EXPENSES NET INCOME 10 NOTES PAYABLE 10 TOTAL LIABILITIES DRAWINGS 10 WALSTON CAPITAL lo CAPITAL, 9/30/19 TOTAL LIAB & OE 10
Walston Company provides consulting services. Here are the account totals for the month ended September 30, 2019. CASH $35,000 NOTES PAYABLE $20,000 16,000 5,000 ACCOUNTS RECEIVABLE CAPITAL, SEPTEMBER 1 40,000 SUPPLIES SERVICE REVENUE 120,000 EQUIPMENT 40,000 TOTAL EXPENSES 110,000 ACCOUNTS PAYABLE 28,000 OWNER DRAWINGS 2,000 Using the data above, create an income statement, owner's equity statement and balance sheet. On the balance sheet, the assets must equal liabilities + owner's equity. Walston Company Income Statement For Month Ended 9/30/19 Walston Company Walston Company Balance Sheet 9/30/19 Owner's Equity Statement For Month Ended 9/30/19 CAPITAL, 9/1/19 + NET INCOME FOR SEPTEMBER SUBTOTAL CASH ACCOUNTS RECEIVABLE SUPPLIES EQUIPMENT TOTAL ASSETS SERVICE REVENUE 10 ACCOUNTS PAYABLE TOTAL EXPENSES NET INCOME 10 NOTES PAYABLE 10 TOTAL LIABILITIES DRAWINGS 10 WALSTON CAPITAL lo CAPITAL, 9/30/19 TOTAL LIAB & OE 10
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter3: Basic Accounting Systems: Accrual Basis
Section: Chapter Questions
Problem 2SEQ: On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services...
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