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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
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