Question

  The adjusted trial balance of ABC company is as follows: Dr. Cr. Cash 13,000 Acc Rec...

  The adjusted trial balance of ABC company is as follows: Dr. Cr. Cash 13,000 Acc Rec 4,500 Supplies 600 Equipment 20,000 Account payable 9,500 Owner Capital 24,000 Owner Drawing 5,000 Total revenue 20,400 Salary exp 3,200 Utility exp 2,300 Rent expense 5,300 Total $53,900 $53,900 Prepare an income statement, statement of owner equity and balance sheet.

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Answer #1

ABC Company

Income Statement

Revenue:

Total Revenue

$20400

Expense:

Salary Expense

$3200

Utility Expense

$2300

Rent Expense

$5300

Total Expense

($10800)

Net Income

$9600

ABC Company

Statement of Owners Capital

Beginning balance of Owner capital

$24000

Add: Net Income

$9600

$33600

Less: Drawings

$5000

Ending Balance of owner capital

$28600

ABC Company

Balance sheet

Assets

Amount

Liabilities & Owner Capital

Amount

Cash

$13000

Account Payable

$9500

Account Receivable

$4500

Owner’s Capital

$28600

Supplies

$600

Equipment

$20000

$38100

$38100

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