The following is a trial balance from Mikes Mighty Mechanics Shop at December 31, 2011 Mikes...
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The following is a trial balance from Mikes Mighty Mechanics Shop at December 31, 2011 Mikes Mighty Mechanics Shop Trial Balance For the Year Ended December 31, 2011 Cash Accounts Rec. Inventory Prepaid Rent Furniture Accumulated Amortization- Account Furniture Accounts Payable Salary Payable Unearned Revenue Mikes, Capital Mikes, Withdrawals Sales Revenue Sales Discounts Sales Returns and Allowances Wages Expense Salary Expense Rent Expense Utilities Expense Amortization Expense- Furniture Dr. 25 12 20 3 20 3 4 2 54 26 3 11 2 185 Cr. 15 4 50 107 185 Required: Prepare an Income Statement, Statement of Equity and a Balance Sheet, all in good form. A) Prepare an Income Statement in good form as demonstrated in the lesson content and in the text: 11 marks B) Prepare a Statement of Equity in good form as demonstrated in the lesson content and in the text: 5 marks C) Prepare a Balance Sheet in good form as demonstrated in the lesson content and in the text: 13 marks The following is a trial balance from Mikes Mighty Mechanics Shop at December 31, 2011 Mikes Mighty Mechanics Shop Trial Balance For the Year Ended December 31, 2011 Cash Accounts Rec. Inventory Prepaid Rent Furniture Accumulated Amortization- Account Furniture Accounts Payable Salary Payable Unearned Revenue Mikes, Capital Mikes, Withdrawals Sales Revenue Sales Discounts Sales Returns and Allowances Wages Expense Salary Expense Rent Expense Utilities Expense Amortization Expense- Furniture Dr. 25 12 20 3 20 3 4 2 54 26 3 11 2 185 Cr. 15 4 50 107 185 Required: Prepare an Income Statement, Statement of Equity and a Balance Sheet, all in good form. A) Prepare an Income Statement in good form as demonstrated in the lesson content and in the text: 11 marks B) Prepare a Statement of Equity in good form as demonstrated in the lesson content and in the text: 5 marks C) Prepare a Balance Sheet in good form as demonstrated in the lesson content and in the text: 13 marks
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Related Book For
Accounting What the Numbers Mean
ISBN: 978-0073527062
9th Edition
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele,
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