Question

A partial worksheet for the month ended March 31, 2019 is shown below. No additional owner investments were made during the month.

  

	INCOME STATEMENT			BALANCE SHEET
ACCOUNT NAME	DEBIT	CREDIT		DEBIT	CREDIT
Cash				10,700
Accounts Receivable				14,400
Supplies				7,200
Equipment				33,400
Accum. Depr.—Equip.					9,700
Accounts Payable					9,850
Amy Zimmer, Capital					40,500
Amy Zimmer, Drawing				3,700
Fees Income		31,800
Salaries Expense	15,600
Rent Expense	2,700
Supplies Expense	1,450
Depr. Exp.—Equip.	2,700
Totals	22,450	31,800		69,400	60,050
Net Income	9,350				9,350
	31,800	31,800		69,400	69,400

  

Prepare an income statement for the Zimmer Agency for the month ended March 31, 2019.

    

Prepare a statement of owner’s equity for the Zimmer Agency as of March 31, 2019

Prepare a balance sheet for the Zimmer Agency as of March 31,2019.

Answer 1

Income Statement ($)

Revenue: Fees Received		31,800
Less: Expenses
Salaries Expenses	15,600
Rent expense	2,700
Supplies expense	1,450
Depreication Expenses	2,700
Total Expenses		22,450
Net Income		9,350

Statement of Owner's Equity ($)

Opening Balance	40,500
Less: Drawings	(3,700)
Add: Net Income	9,350
Closing Balance	46,150

Balance Sheet ($)

Assets:
Cash	10,700
Accounts Receivables	14,400
Supplies	7,200
Equipment	33,400
Less: Accumulated Depreciation	(9,700)
Total Assets	56,000
Liabilities:
Accounts Payable	9,850
Owner's Equity	46150
Total liabilities and owner's equity	56,000