Question

Your friend has asked you to produce financial statements for his business, Mates Incorporated, for the year 1 July 2015 to 30 June 2016. To make your job a little more difficult he has produced his adjusted trial balance in alphabetical order as he was unaware of the proper order.

Produce an Income Statement and Balance Sheet (either select from the Drop Down menu or enter an account or number in blank boxes).

Do not use any form of punctuation in numerical answers.

Account	Dr	Cr
Accounts Payable		6,000
Accounts Receivable	5,000
Accumulated Depreciation		3,000
Cash At Bank	8,000
Depreciation Expense	1,000
Insurance Expense	4,000
Notes Payable (Due June 2018)		7,000
Office Equipment	10,000
Office Supplies	2,000
Office Supplies Expense	1,000
Owners Capital		2,000
Prepaid Insurance	2,000
Salaries Expense	3,000
Service Revenue		12,000
Unearned Service Revenue		6,000
Total	36,000	36,000

Mates Incorporated
Income Statement
AnswerFor the Year Ended 30 June 2016As At 30 June 2016
Answer: Revenue or Current Assets or Owners Capital
Answer Service Revenue or Cash At Bank or Depreciation Expense or Unearned Service Revenue		Answer
Less: Answer Expenses or Non Current Assets or COGS
Answer Depreciation Expense or Equipment or Cash At Bank	Answer
Answer Insurance Expense or Office Supplies or Accounts Receivable	Answer
Answer Office Supplies or  ExpenseUnearned or Service Revenue or Depreciation Expense	Answer
Answer Salaries Expense or Office Supplies or Prepaid Insurance	Answer
Answer Total Expenses Total Assets Owners Capital		Answer
Net Profit / Loss		Answer

Mates Incorporated
Balance Sheet
AnswerFor the Year Ended 30 June 2016As At 30 June 2016
Answer Current Assets or Current Liabilities or Owners Capital
Answer Cash At Bank or Accounts Payable or Unearned Service Revenue	Answer
AnswerAccounts Receivable or Accumulated Depreciation or Cash At Bank	Answer
AnswerOffice Supplies or Accounts Payable or Unearned Service Revenue	Answer
Prepaid Insurance	Answer
Answer Total Current Assets Owners Capital Total Current Liabilities		Answer
Answer Non Current Assets or Current Liabilities or Owners Capital
or Office Equipment	Answer
Answer Accumulated Depreciation or Unearned Service or  RevenueAccounts or Payable	Answer
Answer Total Non Current Assets Owners Capital Total Current Liabilities		Answer
Answer Total Assets Total Current Asset and Current Liabilities Owners Capital		Answer
Answer Current Liabilities Expenses Owners Capital
Answer Accounts Payable or Office Equipment	Answer
Answer Unearned Service or Revenue or Accumulated Depreciation	Answer
Answer Total Current Liabilities Total Non Current Assets		Answer
Answer Non Current Liabilities or Current Liabilities or Owners Capital
Answer Notes Payable or Accounts Payable or Office Equipment		Answer
Total Non Current Liabilities		Answer
AnswerTotal Liabilities Total Net AssetsOwners Equity		Answer
Answer Owners Equity Net Profit
Answer Owners Capital Owners Drawings		Answer
Total Liabilities and Owners Equity		Answer

Answer 1