Question: FINANCIAL STATEMENTS Page 203 shows a work sheet for Monte's Repairs. No additional investments were made by the owner during the month. REQUIRED 1. Prepare

FINANCIAL STATEMENTS Page 203 shows a work sheet for Monte's Repairs. No additional investments were 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.

Monte's Repairs Work Sheet For Month Ended January 31, 20-- TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET ACCOUNT TITLE CREDIT DEBT CREDIT DEBIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT 0 8 00 120 0 00 60 0 00 80 0 00 300 0 00 30 00 1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Insurance 5 Delivery Equipment 6 Accum. Depr.-Delivery Equipment 7 Accounts Payable 8 Wages Payable 9 Monte Eli, Capital 10 Monte Eli, Drawing 11 Repair Fees 12 Wages Expense | 13 Advertising Expense 14 Rent Expense 15 Supplies Expense 16 Telephone Expense 17 Insurance Expense 308 0 00 1200 00 6 00 00 8 00 00 30 00 00 3080 00 | 1200 00 800 00 900 00 3000 00 (a) 2 00 00 (b) 1 00 00 4 30 00 6 110 0 00 7 15 0 00 8 700 0 00 9 30 00 110 0 00 15 0 00 700 0 00 (d) 1100 00 (c) 150 00 7000 00 1000 00 100 0 00 1000 00 10 4 230 00 4 23 0 00 4 230 00 11 16 50 00 170 00 420 00 ) 15 0 00 180 0 00 17 0 00 420 00 20 0 00 4 9 00 10 0 00 33 00 30 00 28 00 1800 00 170 00 420 00 200 00 49 00 100 00 33 00 30 00 12 13 14 (a) 2 0 0 00 15 49 00 16 (b) 100 00 17 33 00 18 Gas and Oil Expense 19 Depr. ExpenseDelivery Equipment 20 Miscellaneous Expense 18 30 00 (d) 19 28 00 28 00 20 480 00 12 51 0 00 12 51 0 00 2 8 3 0 00 4 230 00 96 8 0 00 8 28 0 0o0 21 140 0 00 22 4 230 00 4 2 3o 00 96 80 00 9 68 0 00 23 12 330 00 12 330 00 480 00 21 1 400 00 22 Net Income 23 24 24 25 25 26 26 27 27 28 28 29 29 30 30

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