French Taylor is a new staff accountant for Fashion House Beauty Supply. He has asked you...

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French Taylor is a new staff accountant for Fashion House Beauty Supply. He has asked you to review the financial statements prepared for April to find and correct any errors. Review the income statement and balance sheet that follow and identify the errors Taylor made (he did not prepare a statement of owner's equity). Revenue FASHION HOUSE BEAUTY SUPPLY Income Statement April 30, 20X1 Fees income Expenses Salaries expense Rent expense Repair expense Utilities expense Drawing Total expenses Net income Assets Land. Building Cash Accounts payable Total Assets $ 9,400 3,330 930 1,670 4,580 $46,220 19,910 $31,910 FASHION HOUSE BEAUTY SUPPLY Balance Sheet Month Ended April 30, 20X1 Liabilities $ 21,750 Accounts receivable 43,680 17,510 5,920 $ 64,880 Owner's Equity French Taylor, Capital, April 1, 20X1 Total Liabilities and Owner's Equity $ 14,010 64,720 $78,730 1 15 points eBook Print Income Stmt of Statement Owners Eqty Prepare a corrected balance sheet for Fashion House Beauty Supply. FASHION HOUSE BEAUTY SUPPLY Balance Sheet Assets Balance Sheet Total Assets $ Liabilities Owner's Equity 0 Total Liabilities and Owner's Equity < Stmt of Owners Eqty $ Balance Sheet > 0 1 15 points eBook Print Income Statement Stmt of Owners Eqty Balance Sheet Prepare a statement of owner's equity for Fashion House Beauty Supply. FASHION HOUSE BEAUTY SUPPLY Statement of Owner's Equity < Income Statement 0 Balance Sheet > EXAM 2 PART 2 i 1 15 points eBook Print Income Stmt of Statement Owners Eqty Revenue Prepare a corrected income statement for Fashion House Beauty Supply. Fees income Expenses Balance Sheet FASHION HOUSE BEAUTY SUPPLY Income Statement Total expenses $ 0 0 Saved < Income Statement Stmt of Owners Eqty > Help Save & Exit Submit French Taylor is a new staff accountant for Fashion House Beauty Supply. He has asked you to review the financial statements prepared for April to find and correct any errors. Review the income statement and balance sheet that follow and identify the errors Taylor made (he did not prepare a statement of owner's equity). Revenue FASHION HOUSE BEAUTY SUPPLY Income Statement April 30, 20X1 Fees income Expenses Salaries expense Rent expense Repair expense Utilities expense Drawing Total expenses Net income Assets Land. Building Cash Accounts payable Total Assets $ 9,400 3,330 930 1,670 4,580 $46,220 19,910 $31,910 FASHION HOUSE BEAUTY SUPPLY Balance Sheet Month Ended April 30, 20X1 Liabilities $ 21,750 Accounts receivable 43,680 17,510 5,920 $ 64,880 Owner's Equity French Taylor, Capital, April 1, 20X1 Total Liabilities and Owner's Equity $ 14,010 64,720 $78,730 1 15 points eBook Print Income Stmt of Statement Owners Eqty Prepare a corrected balance sheet for Fashion House Beauty Supply. FASHION HOUSE BEAUTY SUPPLY Balance Sheet Assets Balance Sheet Total Assets $ Liabilities Owner's Equity 0 Total Liabilities and Owner's Equity < Stmt of Owners Eqty $ Balance Sheet > 0 1 15 points eBook Print Income Statement Stmt of Owners Eqty Balance Sheet Prepare a statement of owner's equity for Fashion House Beauty Supply. FASHION HOUSE BEAUTY SUPPLY Statement of Owner's Equity < Income Statement 0 Balance Sheet > EXAM 2 PART 2 i 1 15 points eBook Print Income Stmt of Statement Owners Eqty Revenue Prepare a corrected income statement for Fashion House Beauty Supply. Fees income Expenses Balance Sheet FASHION HOUSE BEAUTY SUPPLY Income Statement Total expenses $ 0 0 Saved < Income Statement Stmt of Owners Eqty > Help Save & Exit Submit

Answer rating: 100% (QA)

1 Corrected Income Statement Revenue Fees income 46220 Expenses Salaries expense 9400 Rent expense 3... View the full answer