Question
21. These items are taken from the financial statements of Lola’s Fabrics for 2019. Lola...
21. These items are taken from the financial statements of Lola’s Fabrics for 2019.
|
Lola Rodriguez, capital 1/1/19 |
$106,000 |
|
Lola Rodriguez, Drawing |
10,000 |
|
Selling expenses |
20,000 |
|
Equipment |
130,000 |
|
Accumulated depreciation (equip) |
32,000 |
|
Accounts payable |
10,600 |
|
Cash |
33,800 |
|
Inventory |
7,000 |
|
Unearned Revenue |
6,000 |
|
Sales |
136,000 |
|
Cost of merchandise sold |
40,000 |
|
Administrative expenses |
28,200 |
|
Accounts receivable |
28,000 |
|
Notes payable (due 12/31/20) |
6,400 |
Instructions:
Prepare a multiple step income statement and a statement of owner’s equity for the year ended December 31, 2018 and a classified balance sheet as of December 31, 2018.
|
Lola’s Fabrics |
|
Income Statement |
|
For the period ending 12/31/19 |
|
Lola’s Fabrics |
|
Statement of Owners Equity |
|
For the period ending 12/31/19 |
Lola’s Fabrics
Balance Sheet
As of 12/31/19
|
Total |
Total |
Homework Answers
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