Question

Perfect Advertising Services Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $14,400...

Perfect Advertising Services

Adjusted Trial Balance

December 31, 2018

Balance

Account Title

Debit

Credit

Cash

$14,400

Accounts Receivable

14,500

Office Supplies

5,900

Land

18,700

Building

49,800

Accumulated Depreciation—Building

$36,900

Furniture

20,100

Accumulated Depreciation—Furniture

13,700

Accounts Payable

10,300

Salaries Payable

7,100

Unearned Revenue

15,500

Corby, Capital

73,800

Corby, Withdrawals

20,500

Service Revenue

38,500

Salaries Expense

26,500

Supplies Expense

9,700

Depreciation Expense—Building

3,100

Depreciation Expense—Furniture

1,100

Advertising Expense

11,500

Total

$195,800

$195,800

Requirement 2. Prepare the statement of​ owner's equity for the year ending

DecemberDecember

3131​,

20182018.

Assume that there were no contributions made by the owner during the year. ​(Use a minus sign or parentheses to show a net loss. Exclude any​zero-balance events for the period from the statement of​ owner's equity.)

Perfect Advertising Services

Statement of Owner's Equity

Year Ended December 31, 2018

Corby, Capital, January 1, 2018

Corby, Capital, December 31, 2018
Business   Accounting   
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Homework Answers

Answer #1

Income Statement

Service Revenue

$ 38,500.00

Operating expenses

Salaries Expense

$ 26,500.00

Supplies Expense

$    9,700.00

Depreciation Expense—Building

$    3,100.00

Depreciation Expense—Furniture

$   1,100.00

Total Operating Expenses

$ 40,400.00

Net income/ (Loss)

$ (1,900.00)

Perfect Advertising Services

Statement of Owner's Equity

Year Ended December 31, 2018

Corby, Capital, January 1, 2018

$   73,800.00

Add: Net income (Loss)

$   (1,900.00)

Less: Corby, Withdrawals

$ (20,500.00)

Corby, Capital, December 31, 2018

$   51,400.00
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