Question

COOKIE CREATIONS Adjusted Trial Balance December 31, 2019 Debit Credit Cash $970 Accounts Receivable 720 Supplies...


COOKIE CREATIONS
Adjusted Trial Balance
December 31, 2019

Debit

Credit

Cash

$970

Accounts Receivable

720

Supplies

290

Prepaid Insurance

990

Equipment

1,000

Accumulated Depreciation—Equipment

$30

Accounts Payable

60

Salaries and Wages Payable

46

Interest Payable

10

Unearned Service Revenue

250

Notes Payable

1,600

Owner’s Capital

660

Owner’s Drawings

410

Service Revenue

3,759

Salaries and Wages Expense

825

Utilities Expense

105

Advertising Expense

135

Supplies Expense

840

Depreciation Expense

30

Insurance Expense

90

Interest Expense

10

$6,415

$6,415


Using the information in the adjusted trial balance, do the following.

(a1)

Prepare an income statement for the 2 months ended December 31, 2019. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
COOKIE CREATIONS
Income Statement

For the Two Months Ended December 31, 2019For the Year Ended December 31, 2019December 31, 2019

DrawingsExpensesNet Income / (Loss)Owner’s Capital, November 1Owner’s Capital, December 31RevenuesTotal ExpensesTotal Revenues

$

DrawingsExpensesNet Income / (Loss)Owner’s Capital, November 1Owner’s Capital, December 31RevenuesTotal ExpensesTotal Revenues

$

    Drawings    Expenses    Net Income / (Loss)    Owner’s Capital, November 1    Owner’s Capital, December 31    Revenues    Total Expenses    Total Revenues    

DrawingsExpensesNet Income / (Loss)Owner’s Capital, November 1Owner’s Capital, December 31RevenuesTotal ExpensesTotal Revenues

$

Homework Answers

Answer #1

(a1)

Prepare an income statement for the 2 months ended December 31, 2019. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

COOKIE CREATIONS
Income Statement

For the Two Months Ended December 31, 2019

Revenue
Service revenue $3759
Expenses
Salaries and Wages Expense $825
Utilities expense 105
Advertising Expense 135
Supplies expense 840
Depreciation Expense 30
Insurance Expense 90
Interest expense 10
Total expense 2035
Net income $1724
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