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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 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.

images

1.

To determine

Prepare an income statement of M Repairs for the month ended January 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 of M Repairs for the month ended January 31, 20--.

M Repairs
Income Statement
For Month Ended January 31, 20--
ParticularsAmount ($)Amount ($)
Revenues:  
     Repairs fees 4,700
Expenses:  
     Wages expens...

2.

To determine

Prepare a statement of owner’s equity of M Repairs for the month ended January 31, 20--.

3.

To determine

Prepare a balance sheet of M Repairs at January 31, 20--.

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