MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Accounting
12th Edition
ISBN: 9780134489728
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 1, Problem P1.49BPGB
Preparing financial statements
Presented here are the accounts of Pembroke Bookkeeping Company for the year ended December 31, 2018:
Learning Objective 5
1. Net Income $97,600
| Land | $10,000 | Owner contribution, 2018 | $29,000 |
| Notes Payable | 31,000 | Accounts Payable | 7,000 |
| Property Tax Expense | 3.100 | Accounts Receivable | 1,200 |
| Pembroke. Withdrawals | 28,000 | Advertising Expense | 12,000 |
| Rent Expense | 7,000 | Building | 147,400 |
| Salaries Expense | 64,000 | Cash | 2,800 |
| Salaries Payable | 800 | Equipment | 15,000 |
| Service Revenue | 192,000 | Insurance Expense | 1,700 |
| Office Supplies | 12,000 | Interest Expense | 6,600 |
| Pembroke, Capital, Dec. 31, 2017 | 51,000 |
Requirements
1. Prepare Pembroke Bookkeeping Company's income statement.
2. Prepare the statement of owner's equity.
3. Prepare the
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Chapter 1 Solutions
MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Accounting
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