The ledger of Super Delivery Service has the following account balances at the company’s year end, August 31, 2024:

Instructions

a. Prepare a trial balance, with the accounts arranged in ledger (financial statement) order, as illustrated in the chapter, and determine the missing amount for Cash.

b. Prepare an income statement, statement of owner’s equity, and balance sheet.

Taking It Further

The owner, Tom Rowe, is not sure how much cash he can withdraw from the company each year. After reviewing the financial statements, comment on the amount he withdrew this year.

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Accounts Payable Accounts Receivable Cash Equipment Insurance Expense Interest Expense Notes Payable Prepaid Insurance Repairs Expense $ 3,250 4,226 ? 49,660 2,016 1,006 19,480 358 1,549 Salaries Expense Salaries Payable Service Revenue Supplies Supplies Expense T. Rowe, Capital T. Rowe, Drawings Unearned Revenue Utilities Expense $ 5,698 883 37,800 299 2,606 48,840 25,000 643 12,177