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Concept explainers
Financial Statements
1. Prepare an income statement for Kohl's Home Repair for the month ended May 31, 20--.
2. Prepare a statement of owner's equity for Kohl's Home Repair for the month ended May 31, 20--. If an amount box does not require an entry, leave it blank or enter "0".
3. Prepare a
Wilhelm Kohl started a business in May 20-- called Kohl's Home Repair. Kohl hired a part-time college student as an assistant. On May 31, 20--, the ledger balances for Kohl's Home Repair were as follows:
Accounts | Balance | |
Accounts Payable | $ | 4,024 |
2,990 | ||
Cash | 21,750 | |
Equipment | 8,160 | |
Gas and Oil Expense | 138 | |
Wilhelm Kohl, Capital | 25,165 | |
Wilhelm Kohl, Drawing | 2,807 | |
Office Supplies | 117 | |
Prepaid Insurance | 1,082 | |
Rent Expense | 897 | |
Service Fees | 15,792 | |
Phone Expense | 262 | |
Van | 6,019 | |
Wages Expense | 759 |
1. Prepare an income statement for Kohl's Home Repair for the month ended May 31, 20--.
Kohl's Home Repair | ||
Income Statement | ||
For Month Ended May 31, 20-- | ||
Revenue: | ||
Accounts payable | $fill in the blank ad9cf2ff0ff2fd5_3 | |
Liabilities: | ||
Office supplies | $fill in the blank ad9cf2ff0ff2fd5_6 | |
fill in the blank ad9cf2ff0ff2fd5_8 | ||
fill in the blank ad9cf2ff0ff2fd5_10 | ||
fill in the blank ad9cf2ff0ff2fd5_12 | ||
Total expenses | fill in the blank ad9cf2ff0ff2fd5_13 | |
$fill in the blank ad9cf2ff0ff2fd5_15 |
Income Statement |
Revenues |
– Expenses |
= Net Income or Net Loss |
2. Prepare a statement of owner's equity for Kohl's Home Repair for the month ended May 31, 20--. If an amount box does not require an entry, leave it blank or enter "0".
Kohl's Home Repair | ||
Statement of Owner's Equity | ||
For Month Ended May 31, 20-- | ||
$fill in the blank a6a3cf030fee05b_2 | ||
fill in the blank a6a3cf030fee05b_4 | ||
Total investment | $fill in the blank a6a3cf030fee05b_5 | |
$fill in the blank a6a3cf030fee05b_7 | ||
fill in the blank a6a3cf030fee05b_9 | ||
fill in the blank a6a3cf030fee05b_11 | ||
$fill in the blank a6a3cf030fee05b_13 |
Statement of Owner's Equity |
Beginning capital |
Additional investments |
Total investment |
Net income |
Less Withdrawals |
Increase or decrease in capital |
Ending capital |
Refer to Figure 3-23 in the text.
3. Prepare a balance sheet for Kohl's Home Repair as of May 31, 20--.
Kohl's Home Repair Balance Sheet May 31, 20-- |
|||
---|---|---|---|
Assets | Liabilities | ||
$fill in the blank 8eed2c078f9603d_2 | $fill in the blank 8eed2c078f9603d_4 | ||
fill in the blank 8eed2c078f9603d_6 | |||
fill in the blank 8eed2c078f9603d_8 | |||
fill in the blank 8eed2c078f9603d_10 | |||
fill in the blank 8eed2c078f9603d_12 | Owner's Equity | ||
fill in the blank 8eed2c078f9603d_14 | fill in the blank 8eed2c078f9603d_16 | ||
Total assets | $fill in the blank 8eed2c078f9603d_17 | Total liabilities & owner's equity |
$fill in the blank 8eed2c078f9603d_18
|
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