FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 balance sheet for Kohl's Home Repair as of May 31, 20--.

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
Accounts Receivable   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
 
Income Statement
 
 

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
 
Feedback
 
Income Statement
Revenues
– Expenses
= Net Income or Net Loss
 
Statement of Owner's Equity
 
 

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
 
Feedback
 
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.

 
Balance Sheet
 
 

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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