Prepare the following:
Statement of financial position
Income statement
Statement of changes in owners' equity
Statement of cash flows

 

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Cash Accounts Receivable Less: Allowance for Uncollectible Accounts: Supplies Prepaid Rent Prepaid Insurance Office Supply Materials Furniture and Fixtures Computer Equipment Less: Accumulated Depreciation-Equipment Building Delivery Vehicle Less: Accumulated Depreciation- D. Vehicle Land Accounts Payable Notes Payable Loans Payable Unearned Revenue Utilities Payable Salaries Payable Interest Payable IBC, Capital IBC, Drawing Goods Revenue Taxes and Licenses Salaries and Wages: Rent Expense Telecommunication Expense Insurance Expense Utilities Expense Supplies Expense Interest Expense Depreciation Expense- Equipment Depreciation Expense-D. Vehicle Unadjusted Trial Balance: Uncollectible Account Expense TOTAL Profit (Loss) Dr 180,500.00 5,000.00 20,000.00 60,000.00 10,000.00 75,000.00 Cr 5,000.00 7,000.00 90,000.00 10,000.00 250,000.00 12,500.00 e. a LEARNING GUIDE IN ACCOUNTING FOR COMMUNITY-BASED ENTERPRISES UNIT 3 362,500.00 362,500.00 Adjustments Dr 10,000.00 5,000.00 C. 4,000.00 d. 5,000.00 b. 10,000.00 h. 5,000.00 f. 1,166.67 g. 500.00 IBC Company The Worksheet December 31, 40,666.67 g Cr 500 h. 5,000.00 d. 5,000.00 f. 1,166.67 e. 10,000.00 10,000.00 b. C. 4,000.00 a. 5,000.00 Adjusted Trial Balance Balance Sheet Dr 190,500.00 10,000.00 15,000.00 55,000.00 10,000.00 75,000.00 5,000.00 11,000.00 5,000,00 10,000.00 5,000,00 1,166.67 500.00 Cr 500 1166.67 90000 20,000.00 10000 4000 250000 17500 Dr 190,500.00 10,000.00 15,000.00 55,000.00 10,000.00 75,000.00 Cr 500.00 1,166.67 90,000.00 20,000.00 10,000.00 4,000.00 250,000.00 Income Statement Dr. 5,000.00 11,000.00 5,000.00 10,000.00 5,000.00 1,166.67 500.00 Cr 17,500.00 17,500.00 40,666.67 393,166.67 393,166.67 355,500.00 375,666.67 37,666.67 20,166.67 375,666.67 375,666.67 37,666.67 37,666.67 20,166.67 Cash Accounts Receivable Less: Allowance for Uncollectible Accounts: Supplies Prepaid Rent Prepaid Insurance Office Supply Materials Furniture and Fixtures Computer Equipment Less: Accumulated Depreciation-Equipment Building Delivery Vehicle Less: Accumulated Depreciation- D. Vehicle Land Accounts Payable Notes Payable Loans Payable Unearned Revenue Utilities Payable Salaries Payable Interest Payable IBC, Capital IBC, Drawing Goods Revenue Taxes and Licenses Salaries and Wages: Rent Expense Telecommunication Expense Insurance Expense Utilities Expense Supplies Expense Interest Expense Depreciation Expense- Equipment Depreciation Expense-D. Vehicle Unadjusted Trial Balance: Uncollectible Account Expense TOTAL Profit (Loss) Dr 180,500.00 5,000.00 20,000.00 60,000.00 10,000.00 75,000.00 Cr 5,000.00 7,000.00 90,000.00 10,000.00 250,000.00 12,500.00 e. a LEARNING GUIDE IN ACCOUNTING FOR COMMUNITY-BASED ENTERPRISES UNIT 3 362,500.00 362,500.00 Adjustments Dr 10,000.00 5,000.00 C. 4,000.00 d. 5,000.00 b. 10,000.00 h. 5,000.00 f. 1,166.67 g. 500.00 IBC Company The Worksheet December 31, 40,666.67 g Cr 500 h. 5,000.00 d. 5,000.00 f. 1,166.67 e. 10,000.00 10,000.00 b. C. 4,000.00 a. 5,000.00 Adjusted Trial Balance Balance Sheet Dr 190,500.00 10,000.00 15,000.00 55,000.00 10,000.00 75,000.00 5,000.00 11,000.00 5,000,00 10,000.00 5,000,00 1,166.67 500.00 Cr 500 1166.67 90000 20,000.00 10000 4000 250000 17500 Dr 190,500.00 10,000.00 15,000.00 55,000.00 10,000.00 75,000.00 Cr 500.00 1,166.67 90,000.00 20,000.00 10,000.00 4,000.00 250,000.00 Income Statement Dr. 5,000.00 11,000.00 5,000.00 10,000.00 5,000.00 1,166.67 500.00 Cr 17,500.00 17,500.00 40,666.67 393,166.67 393,166.67 355,500.00 375,666.67 37,666.67 20,166.67 375,666.67 375,666.67 37,666.67 37,666.67 20,166.67

Answer rating: 100% (QA)

Answer Solution a As the existing Material balance is 10000 physical count is only 1000 The difference 9000 is accounted as Cost of Goods Sold 9000 b ... View the full answer