The following is the trial balance prepared for Owens Art Supplies. Instructions a. Prepare an income statement
Question:
The following is the trial balance prepared for Owen’s Art Supplies.
Instructions
a. Prepare an income statement for the year ended December 31, 2024.
b. Prepare a statement of owner’s equity for the year ended December 31, 2024.
c. Prepare a balance sheet at December 31, 2024.
Taking It Further
Discuss how well the company performed.
OWEN'S ART SUPPLIES Trial Balance December 31, 2024 Cash Accounts receivable Supplies Equipment Accounts payable Unearned revenue O. Leduc, capital O. Leduc, drawings Service revenue Rent expense Salaries expense Supplies expense Debit $ 2,550 3,310 1,830 21,000 10,300 6,000 6,300 1,280 $52,570 Credit $ 3,420 4,660 17,890 26,600 $52,570
Step by Step Answer:
a b c Taking It Further Owens Art Supplies performed well realizing a profit for the year A por...View the full answer
Accounting Principles Volume 1
ISBN: 9781119786818
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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