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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

Solutions

Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

FINANCIAL STATEMENTS Refer to the trial balance in Problem 3-13B and to the analysis of the change in owner’s equity in Problem 3-14B.

REQUIRED

  1. 1. Prepare an income statement for Jantz Plumbing Service for the month ended August 31, 20--.
  2. 2. Prepare a statement of owner’s equity for Jantz Plumbing Service for the month ended August 31, 20--.
  3. 3. Prepare a balance sheet for Jantz Plumbing Service as of August 31, 20--.

1.

To determine

Prepare an income statement for J Plumbing Service for the month ended August 31, 20--.

Explanation

Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.

Prepare an income statement for J Plumbing Service for the month ended August 31, 20--:

J Plumbing Service
Income Statement
For Month Ended August 31, 20--
ParticularsAmount ($)Amount ($)
Revenues:

2.

To determine

Prepare a statement of owner’s equity for J Plumbing Service for the month ended August 31, 20--.

3.

To determine

Prepare a balance sheet for J Plumbing Service at August 31, 20--.

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