E V 0 E Blifa1,lyryx.com %C [I] + w Athabasca University - myAU U Course: ACCT 253v14: Introductory Financial Accounting LU Introduction to Financial Accounting ~ Lyryx Learning Inc Lg Optional Lab: Chapter 2 Review (Question 'I) ~ Lyryx Le... Question 1 [30 points] Travis Goodall started Ludwig Inc. last year. For the rst few months of the company's life (through February) the accounting records were maintained by an outside bookkeeping service. According to those records, the share capital balance was $23,500 as of February 28. To save on expenses Travis decided to keep the records himself. He managed to record March's transactions property, but was a bit rusty when the time came to prepare the nancial statements. His rst versions of the balance sheet and income statement follow. Revenues Issuance of shares 48,000 Interest Earned\" 15,000 Uneamed Revenue 28,500 Total revenue Expenses Retained Earnings___ 156,500 Supplies ______ 52,000 Utilities Expense__ 58,500 Total expenses__ 267,000 175,500 Assets Liabilities Notes Receivable", 108,500 Property Taxes Payable," 20,500 Building ________ 157,000 Commissions Earned 46,500 Interest Expense 23,500 Accounts Payable__ 65,500 Accounts Receivable 77,500 Total liabilities___ 132,500 ShortTerm Notes Payabl 73,000 Equity Share CapitaL 307,000 Total assets, 439,500 Total liabilities and equity _______ 439,500 Using the information contained in the original nancial statements, prepare revised statements, including a statement of changes in equity, for the month of March. lI \f