College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 6, Problem 7SPA
FINANCIAL STATEMENTS Page 206 shows a work sheet for Megaffin’s Repairs. No additional investments were made by the owner during the month.
REQUIRED
1. Prepare an income statement.
2. Prepare a statement of owner’s equity.
3. Prepare a balance sheet.
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The partial work sheet for Adams’ Shoe Shine is shown, prepare a statement of owner’s equity, assuming no additional investment was made by the owner.
Adams’ Shoe Shine
Work Sheet (Partial)
For Month Ended June 30, 20--
1
INCOME STATEMENT
INCOME STATEMENT
BALANCE SHEET
BALANCE SHEET
2
ACCOUNT TITLE
DEBIT
CREDIT
DEBIT
CREDIT
3
Cash
3,262.00
4
Accounts Receivable
1,244.00
5
Supplies
800.00
6
Prepaid Insurance
640.00
7
Office Equipment
2,100.00
8
Accumulated Depreciation-Office Equipment
110.00
9
Accounts Payable
1,850.00
10
Wages Payable
260.00
11
Mary Adams, Capital
6,000.00
12
Mary Adams, Drawing
2,000.00
13
Service Fees
4,813.00
14
Wages Expense
1,080.00
15
Advertising Expense
34.00…
From the partial work sheet, prepare an income statement, a statement of owner's equity, and a classified balance sheet. The owner made no additional investments in the business during the month.
Carlos Perez Delivery ServiceWork Sheet (Partial)For Month Ended January 31, 20--
Income Statement
Balance Sheet
Account Title
Debit
Credit
Debit
Credit
Cash
11,000
Accounts Receivable
1,500
Supplies
1,200
Prepaid Insurance
800
Delivery Equipment
5,000
Accum. Depr.—Delivery Equip.
400
Accounts Payable
900
Wages Payable
1,400
Carlos Perez, Capital
15,600
Carlos Perez, Drawing
1,500
Delivery Fees
6,400
Wages Expense
880
Rent Expense
1,100
Supplies Expense
220
Telephone Expense
175
Electricity Expense
320
Insurance Expense
550
Depr. Exp.—Delivery Equip.
400
Miscellaneous Expense
55
3,700
6,400
21,000
18,300
Net Income
2,700…
From the partial work sheet, prepare an income statement, a statement of owner's equity, and a classified balance sheet. The owner made no additional investments in the business during the month.
Carlos Perez Delivery ServiceWork Sheet (Partial)For Month Ended January 31, 20--
Income Statement
Balance Sheet
Account Title
Debit
Credit
Debit
Credit
Cash
11,000
Accounts Receivable
1,500
Supplies
1,200
Prepaid Insurance
800
Delivery Equipment
5,000
Accum. Depr.—Delivery Equip.
400
Accounts Payable
900
Wages Payable
1,400
Carlos Perez, Capital
15,600
Carlos Perez, Drawing
1,500
Consulting Fees
6,400
Wages Expense
880
Rent Expense
1,100
Supplies Expense
220
Telephone Expense
175
Electricity Expense
320
Insurance Expense
550
Depr. Exp.—Delivery Equip.
400
Miscellaneous Expense
55
3,700
6,400
21,000
18,300
Net Income
2,700…
Chapter 6 Solutions
College Accounting, Chapters 1-27
Ch. 6 - Expenses are listed on the income statement as...Ch. 6 - Additional investments of capital during the month...Ch. 6 - Prob. 3TFCh. 6 - Prob. 4TFCh. 6 - Temporary accounts are closed at the end of each...Ch. 6 - Multiple choice Which of these types of accounts...Ch. 6 - Which of these accounts is considered a temporary...Ch. 6 - Which of these is the first step in the closing...Ch. 6 - The ________ is prepared after closing entries are...Ch. 6 - Steps that begin with analyzing source documents...
Ch. 6 - Joe Fisher operates Fisher Consulting. A partial...Ch. 6 - Prob. 2CECh. 6 - Prob. 3CECh. 6 - Identify the source of the information needed to...Ch. 6 - Describe two approaches to listing the expenses in...Ch. 6 - Prob. 3RQCh. 6 - If additional investments were made during the...Ch. 6 - Identify the sources of the information needed to...Ch. 6 - What is a permanent account? On which financial...Ch. 6 - Prob. 7RQCh. 6 - Prob. 8RQCh. 6 - Prob. 9RQCh. 6 - Prob. 10RQCh. 6 - List the 10 steps in the accounting cycle.Ch. 6 - Prob. 1SEACh. 6 - STATEMENT OF OWNERS EQUITY From the partial work...Ch. 6 - BALANCE SHEET From the statement of owners equity...Ch. 6 - CLOSING ENTRIES (NET INCOME) Set up T accounts for...Ch. 6 - CLOSING ENTRIES (NET INCOME) Using the following...Ch. 6 - CLOSING ENTRIES (NET LOSS) Using the following...Ch. 6 - FINANCIAL STATEMENTS Page 206 shows a work sheet...Ch. 6 - PROBLEM 6-7A CLOSING ENTRIES AND POST-CLOSING...Ch. 6 - STATEMENT OF OWNERS EQUITY The capital account for...Ch. 6 - INCOME STATEMENT From the partial work sheet for...Ch. 6 - STATEMENT OF OWNERS EQUITY From the partial work...Ch. 6 - BALANCE SHEET From the statement of owners equity...Ch. 6 - CLOSING ENTRIES (NET INCOME) Set up T accounts for...Ch. 6 - CLOSING ENTRIES (NET INCOME) Using the following...Ch. 6 - CLOSING ENTRIES (NET LOSS) Using the following...Ch. 6 - FINANCIAL STATEMENTS A work sheet for Juanitas...Ch. 6 - PROBLEM 6-7B CLOSING ENTRIES AND POST-CLOSING...Ch. 6 - STATEMENT OF OWNERS EQUITY The capital account for...Ch. 6 - MASTERY PROBLEM Elizabeth Soltis owns and operates...Ch. 6 - CHALLENGE PROBLEM This problem challenges you to...
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