A work sheet for Juanita's Consulting is shown on the following page. There were no additional investments
Question:
A work sheet for Juanita's Consulting is shown on the following page. There were no additional investments made by the owner during the month.
REQUIRED
1. Prepare an income statement.
2. Prepare a statement of owner's equity.
3. Prepare a balancesheet.
Transcribed Image Text:
Juanita's Consulting Work Sheet For Month Ended June 30, 20- BALANCE SHEET ADJISTMENTS TRAL, BALANCE ADJUSTED TRIAL BALANCE INCOME STATEMENT ACCOUNT TITLE DEBT DENT CREDIT DEBIT CREDIT DEBIT CREDT CREDIT DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid insurance 5 Offce Equipment 6 Accum. Dept.Office Equipment 7 Accounts Payable 8 Wages Payable 9 Juanita Avarez, Capital 10 luanita Alvarez, Drawing 5285 00 1075 00 750 00 500 00 2200 00 S28500 1075 00 250 00 50o 00 4 00 00 22 00 00 5285 00 1075 00 500 00 lal 400 00 ibi 100 00 220 0 00 11000 15 0 0 00 110 00 6 Id) 110 00 1500 00 1500 00 7 200 00 7000 00 200 00 8 200 00 7000 00 7000 00 9 8 00 00 800 00 800 00 10 4204 00 4204 00 4204 00 11 Consuting Fees 11 1600 00 60 00 50 0 00 250 00 46 00 39 00 100 00 28 00 11000 12 Wages Expertsa 13 Advertising Expense 1400 00 60 00 500 00 0200 00 16 00 00 60 00 12 13 500 00 250 00 14 Rant Expetse 14 (a) 250 00 15 Supples Esperse 15 16 Telephone Exponse 17 Electricity Expense 18 Itsurance Expense 19 Gas and O Expense 20 Dept. Eapense 0ffce Equipment 21 Miscellateous Expeme 46 00 39 00 46 00 16 39 00 17 1olo 00 0100 00 18 z8 00 28 00 19 110 00 21 00 (0) 11000 20 21 00 12704 00 12Z04 00 2100 21 66 0 00 660 00 130 14 00 301400 275 4 00 4204 09 10 260 00 8810 00 22 1450 00 23 420400 420 4 09 10 26 0 00 10 26.0 00 24 22 1450 00 23 Not Income 24 25 25 26 28 28 29 29 30 30
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 83% (6 reviews)
1 2 3 Revenue Consulting fees Expenses Wages expense Advertising expense Rent exp...View the full answer
Answered By
Fahmin Arakkal
Tutoring and Contributing expert question and answers to teachers and students.
Primarily oversees the Heat and Mass Transfer contents presented on websites and blogs.
Responsible for Creating, Editing, Updating all contents related Chemical Engineering in
latex language
4.40+
8+ Reviews
22+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Blooming Flower Company was started in Year 1 when it acquired $61,000 cash from the issue of common stock. The following data summarize the companys first three years operating activities. Assume...
-
A cash budget, by quarters, is shown on the following page for a retail company (000 omitted). The company requires a minimum cash balance of $5,000 to start each quarter. Required: Fill in the...
-
The USA Today type graph on the following page is based on data from the Department of Agriculture. It represents the percentage of income a middle-income family will spend on their children. (a) How...
-
Degrees of freedom, for a single-sample t test, equal ____ minus 1.
-
The accounts of Marciano Services Ltd. at March 31, 2017, are listed in alphabetical order. Requirements 1. All adjustments have been journalized and posted, but the closing entries have not been...
-
A child walks across merry-go-round A with a constant speed u relative to A. The merry-go-round undergoes fixed axis rotation about its center with a constant angular velocity counterclockwise.When...
-
For each of the following sets of numbers, calculate the sample size \((N)\), the mean \(\mathrm{X}^{-}\) , the standard deviation \((s)\), and the standard error of the mean \(s \mathrm{X}^{-}\): a....
-
One of Sure-Bet Sherbets best-selling products is raspberry sherbet, which is manufactured in 10-gallon batches. Each batch requires six quarts of raspberries. The raspberries are sorted by hand...
-
Create a statement of cash flow for the current year using Wright Co's income statement and balance sheet. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Income...
-
Your sister has just won $300,000 (taxfree) in the state lottery. Shes decided to quit her job and devote herself to writing novels for the next ten years, using her lottery winnings to support...
-
Using the following partial listing of T accounts, prepare closing entries in general journal form dated June 30, 20--. Then post the closing entries to the Taccounts. Accum. Depr.- Office Equip....
-
The capital account for Minta's Editorial Services, including an additional investment, and a partial work sheet are shown below. REQUIRED Prepare a statement of owner'sequity. GENERAL LEDGER...
-
In Freeport High School, 40 % of the seniors who are eligible to vote indicated that they plan to vote in the upcoming election. What is the probability of selecting a random sample of 400 students...
-
Use the elimination method to evaluate 0 1 2 3 1 1 1 1 21 -2 -2 3 3 2 -2-31
-
Meghan is a community development worker who is working to improve experiences for people with mental health issues in the local community. Recently, several people with a mental illness in the...
-
How do organizations quantify and assess the synergistic effects of mergers and acquisitions beyond traditional financial metrics, considering factors such as cultural alignment, operational...
-
You have estimated the NOPLAT for each of the divisions in a three-division firm at $20 million, $30 million, and $50 million, respectively, for Divisions A, B, and C. Using these figures, you assume...
-
In what ways do strategic alliances, joint ventures, and strategic partnerships leverage complementary strengths and capabilities to generate synergistic value beyond what individual entities could...
-
What initiatives could small business owners make to ensure good corporate financial reporting procedures are followed in their company?
-
Show that the block upper triangular matrix A in Example 5 is invertible if and only if both A 11 and A 22 are invertible. Data from in Example 5 EXAMPLE 5 A matrix of the form A = [ A11 A12 0 A22 is...
-
The expense of opening a secret offshore bank account is an example of the excess burden of US income taxes. Indicate whether each statement is true or false, and justify your answer.
-
If the partners in Exercise 2 have the following agreement, please calculate the total salary and interest allowance: In Exercise 2, John Conway, Steve Barrett, and Mary Fitzpatrick invested $3,000,...
-
Using your answer from Exercise 4, how much more income is to be distributed to the partners (assume each shares equally) after the salary and interest allowance? If net income was $12,000, how much...
-
On February 7, Al OToole sold his equity in the partnership to Bill Mays for $5,500. Als capital account had a $4,250 balance. Record the journal entry.
-
Suppose that the net income view were to be correct in Problem 1. Describe a profitable investment strategy for investors in the companys bonds and equity if the company were to reduce its debt. What...
-
A piece of land in Ottawa with an area of 0.5 square kilometers is priced at 5200 Canadian dollars. If there are 0.9955 Canadian dollars per (U.S.) dollar, then what is the price in dollars per...
-
Marc and Mikkel are married and file a joint tax return. Marc and Mikkel earned salaries this year of $ 6 6 , 2 0 0 and $ 2 5 , 2 0 0 , respectively. In addition to their salaries, they received...
Study smarter with the SolutionInn App