A work sheet for Megaffin's Repairs is shown. No additional investments were made by the owner...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A work sheet for Megaffin's Repairs is shown. No additional investments were made by the owner during the month. Hesadia's Repales Work Sheet Fir Monti foded January 3120 Trial Balance Adjustments Adjusted Trial alance Income Statement Balance Shet Account Title Debit Credit Debit Credit Debit Credit Credit Cash Debit Dehit Credit 3,680.00 3,680.00 3,680.00 Accounts Recelvable 1,450.00 1,450.00 1,450.00 Supplies 400.00 310.00 90.00 90.00 Prepaid Insurance 890.00 240,00 650,00 650.00 Delivery Equipment 3,150.00 3,150.00 3,150.00 Accumulated Depreciation-Delivery Equipment 50.00 50.00 50.00 Accounts Payable 1,190.00 1,190.00 1,190.00 Wages Pavable 410.00 410.00 410.00 Don Megaffin, Capital 7,634.00 7,634.00 7,634,00 Don Megatfin, Drawing 1.100.00 1,100.00 1.100.00 Repair Fees 5,000.00 5,000.00 5.000.00 Wages Expense 2130,00 410.00 2,540.00 2,540.00 Don Megallin, Drawing 1,100.00 1,100.00 1,100.00 Repair Fees 5,000.00 5,000.00 5,000.00 Wages Expense 2,130.00 410.00 2,540.00 2,540.00 Advertising Expense 100.00 100.00 100,00 Rent Expense 650.00 650.00 650.00 Supplies Expense 310,00 310.00 310.00 Phone Expense 50.00 50.00 50.00 Insurance Expense 240.00 240.00 240.00 Gas and Oil Expense 190.00 190.00 190.00 Depreciation Expense-Delivery Equipment 50.00 50.00 50.00 Miscellaneous Expense 34.00 34.00 34.00 13,824.00 13,824.00 1,010,00 1,010.00 14,284.00 14,284.00 4,164.00 5,000.00 10,120.00 0,204.00 Net Income 836.00 B36.00 5,000.00 5,000.00 10,120.00 10,120.00 Required: 1. Prepare an income statement. Megaffin's Repairs Income Statement For Month Ended January 31, 20- -3- 2. Prepare a statement of owner's equity. Megaffin's Repairs Statement of Owner's Equity For Month Ended January 31, 20- 3. Prepare a balance sheet. Megaffin's Repairs Balance Sheet January 31, 20-- Assets Current assets: 00 est #1 (Chapters 1-6) Calculator Assets Current assets: Total current assets Property, plant, and equipment: Total assets Liabilities Current liabilities: Total current liabilities Owner's Equity Total liablities and owner's equity A work sheet for Megaffin's Repairs is shown. No additional investments were made by the owner during the month. Hesadia's Repales Work Sheet Fir Monti foded January 3120 Trial Balance Adjustments Adjusted Trial alance Income Statement Balance Shet Account Title Debit Credit Debit Credit Debit Credit Credit Cash Debit Dehit Credit 3,680.00 3,680.00 3,680.00 Accounts Recelvable 1,450.00 1,450.00 1,450.00 Supplies 400.00 310.00 90.00 90.00 Prepaid Insurance 890.00 240,00 650,00 650.00 Delivery Equipment 3,150.00 3,150.00 3,150.00 Accumulated Depreciation-Delivery Equipment 50.00 50.00 50.00 Accounts Payable 1,190.00 1,190.00 1,190.00 Wages Pavable 410.00 410.00 410.00 Don Megaffin, Capital 7,634.00 7,634.00 7,634,00 Don Megatfin, Drawing 1.100.00 1,100.00 1.100.00 Repair Fees 5,000.00 5,000.00 5.000.00 Wages Expense 2130,00 410.00 2,540.00 2,540.00 Don Megallin, Drawing 1,100.00 1,100.00 1,100.00 Repair Fees 5,000.00 5,000.00 5,000.00 Wages Expense 2,130.00 410.00 2,540.00 2,540.00 Advertising Expense 100.00 100.00 100,00 Rent Expense 650.00 650.00 650.00 Supplies Expense 310,00 310.00 310.00 Phone Expense 50.00 50.00 50.00 Insurance Expense 240.00 240.00 240.00 Gas and Oil Expense 190.00 190.00 190.00 Depreciation Expense-Delivery Equipment 50.00 50.00 50.00 Miscellaneous Expense 34.00 34.00 34.00 13,824.00 13,824.00 1,010,00 1,010.00 14,284.00 14,284.00 4,164.00 5,000.00 10,120.00 0,204.00 Net Income 836.00 B36.00 5,000.00 5,000.00 10,120.00 10,120.00 Required: 1. Prepare an income statement. Megaffin's Repairs Income Statement For Month Ended January 31, 20- -3- 2. Prepare a statement of owner's equity. Megaffin's Repairs Statement of Owner's Equity For Month Ended January 31, 20- 3. Prepare a balance sheet. Megaffin's Repairs Balance Sheet January 31, 20-- Assets Current assets: 00 est #1 (Chapters 1-6) Calculator Assets Current assets: Total current assets Property, plant, and equipment: Total assets Liabilities Current liabilities: Total current liabilities Owner's Equity Total liablities and owner's equity
Expert Answer:
Answer rating: 100% (QA)
Megaffins Repairs Income Statement For the months Ended Jan 31 Revenue Repair fees 5000 Expe... View the full answer
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
Students also viewed these finance 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...
-
Prepare an income statement through gross profit for Norris Company using the variance data in Practice Exercises 23-1A, 23-2A, 23-3A, and 23-4A. Assume Norris sold 500 units at $105 per unit.
-
Prepare an income statement through gross profit for McLean Company using the variance data in Practice Exercises 23-1B, 23-2B, 23-3B, and 23-4B. Assume McLean sold 2,500 units at $214 per unit.
-
Write a BST client that uses the data file ip-tocountry.csv found on the booksite to determine the source country of a given IP address. The data file has five fields: beginning of IP address range,...
-
Caldwell was shopping in a K-Mart store, carrying a large purse. A security guard observed her look at various small items such as stain, hinges, and antenna wire. On occasion she bent down out of...
-
A tank of area Ao is draining in laminar flow through a pipe of diameter D and length L, as shown in Fig. P4.92. Neglecting the exit-jet kinetic energy and assuming the pipe flow is driven by the...
-
Monroe Bradstad borrowed \($100,000\) from his aunt, Jeanne Garland, to purchase farmland. Both parties subsequently signed a promissory note stipulating that interest would be accrued prior to or on...
-
The Art League is a not-for-profit organization dedicated to promoting the arts within the community. There are two programs conducted by the Art League: (1) exhibition and sales of members art...
-
Consider the region R on Earth including points whose coordinates, when rounded to a whole number of seconds, round to 1233'8" N, 8843'11" W. Determine with justification the perimeter of region R.
-
A multi-loop block diagram is shown in Figure E3.9.The state variables are denoted by x1 and x2. (a) Determine a state variable representation of the closed-loop system where the output is denoted by...
-
A load with a mass of 15 kg slides down an inclined surface that makes an angle a of 30 degrees with the horizon. The coefficient of friction between the load and the surface is 0.05. Calculate the...
-
What are the duties of a treasurer? Of a controller?
-
Why are ethics and trust important in business?
-
What is the effect of operating leverage on the volatility of a firms EBIT in response to changing sales?
-
Corporation Beta sells common stock for $50. The floatation cost for new issue of stocks will be 5 percent. The company pays 50 percent of its earnings in dividends, and a $4 dividend was recently...
-
Describe the capital asset pricing model and how it can be used to estimate the cost of common equity financing.
-
What steps should be taken by an administrator of an assisted living facility or of an long - term care facility to keep watch for elder abuse to their residents?
-
[a] Two foam blocks, each with a charge of 19 micro coulombs (1 C = 10-6 C), are both held in place 19 cm apart in the east-west direction. A foam ball with a charge 49 C is placed 55 cm north of the...
-
A building acquired at the beginning of the year at a cost of $650,000 has an estimated residual value of $125,000 and an estimated useful life of 40 years. Determine (a) The double-declining-balance...
-
Spectrum Corporation has 600,000 shares of $75 par common stock outstanding. On February 13, Spectrum Corporation declared a 4% stock dividend to be issued April 30 to stockholders of record on March...
-
West Coast Apparel Co. manufactures a variety of clothing types for distribution to several major retail chains. The following costs are incurred in the production and sale of blue jeans: a. Salary...
-
Interview three heads of household, each from a household representing a different stage of the life cycle orsocioeconomic status. Inquire about their financial planning process and their strategies...
-
Jimmy, an accountant, and Bethany just returned from their honeymoon in the Bahamas. They celebrated their marriage and the completion of Bethany's M.B.A. program. They have been encouraged by their...
-
Review the six financial accomplishments that may result from studying personal finance. In your opinion, which three are most important? Why?
Study smarter with the SolutionInn App