assignment 16

Financial Statements from the Worksheet (Assignment - 7 pages2) (B).doox - Protected View 5 Preparation Saved Unit Tara Okeefe O Tell me what you want to do Share Comments File Design Layout References Mailings Review View Help Home Insert Draw iPROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing MODULE 6 THE WORKSI ICCT AND FINANCIAL STATEMENTS FOR A SCRVICE BUSINESS The units in Module 6, Units 14 through 16, explain how to prepare a Worksheet fo a service business and how to prepeare financial statenments from a Worksheet. ASSIGNMENT 16 Problem 16-1: Prepare financial statements from a completed Worksheet Eugene Marley is sole proprietor of his consulting business. His drawing and capital accounts for March look like this: Eugene Marley, Capital Mar. 1 46.192 Eugene Marley, Drawing Mar 15 2,500 Using the Worksheet (on next page) tor Eugene Marley, Consultant, prepare: a) an Income Statement, b) a Statement of Owner Equity, and c) a classified Balance Sheet for the accounting period ended March 31, XXX1. + 1009% 657 words Page 1 of 7 10:48 AM O Type here to search f 6/28/2019 Preparation Saved Unit Financial Statenments from the Worksheet (Assignment - 7 pages)(2) (B).doox Protected View Tara Okeefe O Tell me what you want to do Share Comments File Design References Mailings Review View Help Home Insert Draw Layout Ci PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing Problem 16-1 (continued) Euge ant For the Month Ended March 31, XXX1 Bala djustments Debit Ac hal Balanc Credt Slaternent Creda Balace Sheel Der redit Credit Accounts Debit Credit 40 007 111 Cash 40000 40,000 ALLOut RecdvaiS 327 Accrued Interest Recewable 114 32 a 11 150 d inurance 121 Omce Fquipment 3,000 onc 122 diualed Depreciation Office 100 150 150 131 Automobile 5.00 5,000 00 Automobila tion AFFOInl Pavalio Slar Notes Payable-N. Banks 2D0 TEC 2 600 3600 3,00 150 1 ACCTUED Interesd Payabk Eugene Marley Capital awing 74 2a 46.192 46.192 31 46.192 2500 2,50 2500 411 6.500 Income from Fees 6650 6,850 5 h. se 518 Telephone Expense ravel Expense 250 250 1.500 25 1,500 57 888 57 666 42 515 Interest Income 16 16 16 150 Office Supples Expense 9Decaciaticn Expense Office Equpment 512 Depreciation Expense- Automobile Interest Expense h. 150 15 00 200 24 24 ries Payable 40 680 680 3.384 8 666 57 986 57 996 54.632 51,330 Totals 3.302 Net Income 302 Totals 6 666 666 54632 4632 + 1009% 657 words Page 2 of 7 10:48 AM Type here to search 6/28/2019