Financial Statements A work sheet for Megaffin's Repairs is shown below. No additional investments were made...

  
 
 

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Financial Statements A work sheet for Megaffin's Repairs is shown below. No additional investments were made by the owner during the month. Megaffin's Repairs Work Sheet For Month Ended January 31, 20-- Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 3,673.00 3,673.00 3,673,00 Accounts Receivable 1,450.00 1,450.00 1,450.00 Supplies 700.00 300.00 400.00 400.00 Prepaid Insurance 900.00 230.00 670.00 670.00 Delivery Equipment Accumulated Depreciation-Delivery Equipment 3,200.00 3,200.00 3,200.00 55.00 55.00 55.00 Accounts Payable 1,200.00 1,200.00 1,200.00 Wages Payable 400.00 400.00 400.00 Don Megaffin, Capital 8,000.00 8,000.00 8,000.00 Don Megafin, Drawing 1,100.00 1,100.00 1,100.00 Repair Fees 4,700.00 4,700.00 4,700.00 Wages Expense 1,750.00 400.00 2,150.00 2,150.00 Advertising Expense 200.00 200.00 200.00 Rent Expense 640.00 640.00 640.00 Supplies Expense 300.00 300.00 300.00 Phone Expense 50.00 50.00 50.00 Insurance Expense 230.00 230.00 230.00 Gas and Ol Expense 200.00 200.00 200.00 Depreciation Expense-Delivery Equipment 55.00 55.00 55.00 Miscellaneous Expense 37.00 37.00 37.00 13,900.00 13,900.00 985.00 985.00 14,355.00 14,355.00 2,862.00 4,700.00 10,493.00 9,655.00 Net Income 838.00 838.00 4,700.00 4,700.00 10,493.00 10,493.00 1. Prepare an income statement. Megaffin's Repairs Income Statement For Month Ended January 31, 20-- 2. Prepare a statement of owner's equity. Megaffin's Repairs Statement of Owner's Equity For Month Ended January 31, 20-- 3. Prepare a balance sheet. Megaffin's Repairs Balance Sheet January 31, 20-- Assets Current assets: Total current assets Property, plant, and equipment: Total assets Liabilities Current liabilities: Total current liabilities Owner's Equity Total liabilities and owner's equity Check My Work Financial Statements A work sheet for Megaffin's Repairs is shown below. No additional investments were made by the owner during the month. Megaffin's Repairs Work Sheet For Month Ended January 31, 20-- Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 3,673.00 3,673.00 3,673,00 Accounts Receivable 1,450.00 1,450.00 1,450.00 Supplies 700.00 300.00 400.00 400.00 Prepaid Insurance 900.00 230.00 670.00 670.00 Delivery Equipment Accumulated Depreciation-Delivery Equipment 3,200.00 3,200.00 3,200.00 55.00 55.00 55.00 Accounts Payable 1,200.00 1,200.00 1,200.00 Wages Payable 400.00 400.00 400.00 Don Megaffin, Capital 8,000.00 8,000.00 8,000.00 Don Megafin, Drawing 1,100.00 1,100.00 1,100.00 Repair Fees 4,700.00 4,700.00 4,700.00 Wages Expense 1,750.00 400.00 2,150.00 2,150.00 Advertising Expense 200.00 200.00 200.00 Rent Expense 640.00 640.00 640.00 Supplies Expense 300.00 300.00 300.00 Phone Expense 50.00 50.00 50.00 Insurance Expense 230.00 230.00 230.00 Gas and Ol Expense 200.00 200.00 200.00 Depreciation Expense-Delivery Equipment 55.00 55.00 55.00 Miscellaneous Expense 37.00 37.00 37.00 13,900.00 13,900.00 985.00 985.00 14,355.00 14,355.00 2,862.00 4,700.00 10,493.00 9,655.00 Net Income 838.00 838.00 4,700.00 4,700.00 10,493.00 10,493.00 1. Prepare an income statement. Megaffin's Repairs Income Statement For Month Ended January 31, 20-- 2. Prepare a statement of owner's equity. Megaffin's Repairs Statement of Owner's Equity For Month Ended January 31, 20-- 3. Prepare a balance sheet. Megaffin's Repairs Balance Sheet January 31, 20-- Assets Current assets: Total current assets Property, plant, and equipment: Total assets Liabilities Current liabilities: Total current liabilities Owner's Equity Total liabilities and owner's equity Check My Work Financial Statements A work sheet for Megaffin's Repairs is shown below. No additional investments were made by the owner during the month. Megaffin's Repairs Work Sheet For Month Ended January 31, 20-- Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 3,673.00 3,673.00 3,673,00 Accounts Receivable 1,450.00 1,450.00 1,450.00 Supplies 700.00 300.00 400.00 400.00 Prepaid Insurance 900.00 230.00 670.00 670.00 Delivery Equipment Accumulated Depreciation-Delivery Equipment 3,200.00 3,200.00 3,200.00 55.00 55.00 55.00 Accounts Payable 1,200.00 1,200.00 1,200.00 Wages Payable 400.00 400.00 400.00 Don Megaffin, Capital 8,000.00 8,000.00 8,000.00 Don Megafin, Drawing 1,100.00 1,100.00 1,100.00 Repair Fees 4,700.00 4,700.00 4,700.00 Wages Expense 1,750.00 400.00 2,150.00 2,150.00 Advertising Expense 200.00 200.00 200.00 Rent Expense 640.00 640.00 640.00 Supplies Expense 300.00 300.00 300.00 Phone Expense 50.00 50.00 50.00 Insurance Expense 230.00 230.00 230.00 Gas and Ol Expense 200.00 200.00 200.00 Depreciation Expense-Delivery Equipment 55.00 55.00 55.00 Miscellaneous Expense 37.00 37.00 37.00 13,900.00 13,900.00 985.00 985.00 14,355.00 14,355.00 2,862.00 4,700.00 10,493.00 9,655.00 Net Income 838.00 838.00 4,700.00 4,700.00 10,493.00 10,493.00 1. Prepare an income statement. Megaffin's Repairs Income Statement For Month Ended January 31, 20-- 2. Prepare a statement of owner's equity. Megaffin's Repairs Statement of Owner's Equity For Month Ended January 31, 20-- 3. Prepare a balance sheet. Megaffin's Repairs Balance Sheet January 31, 20-- Assets Current assets: Total current assets Property, plant, and equipment: Total assets Liabilities Current liabilities: Total current liabilities Owner's Equity Total liabilities and owner's equity Check My Work Financial Statements A work sheet for Megaffin's Repairs is shown below. No additional investments were made by the owner during the month. Megaffin's Repairs Work Sheet For Month Ended January 31, 20-- Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 3,673.00 3,673.00 3,673,00 Accounts Receivable 1,450.00 1,450.00 1,450.00 Supplies 700.00 300.00 400.00 400.00 Prepaid Insurance 900.00 230.00 670.00 670.00 Delivery Equipment Accumulated Depreciation-Delivery Equipment 3,200.00 3,200.00 3,200.00 55.00 55.00 55.00 Accounts Payable 1,200.00 1,200.00 1,200.00 Wages Payable 400.00 400.00 400.00 Don Megaffin, Capital 8,000.00 8,000.00 8,000.00 Don Megafin, Drawing 1,100.00 1,100.00 1,100.00 Repair Fees 4,700.00 4,700.00 4,700.00 Wages Expense 1,750.00 400.00 2,150.00 2,150.00 Advertising Expense 200.00 200.00 200.00 Rent Expense 640.00 640.00 640.00 Supplies Expense 300.00 300.00 300.00 Phone Expense 50.00 50.00 50.00 Insurance Expense 230.00 230.00 230.00 Gas and O Expense 200.00 200.00 200.00 Depreciation Expense-Delivery Equipment 55.00 55.00 55.00 Miscellaneous Expense 37.00 37.00 37.00 13,900.00 13,900.00 985.00 985.00 14,355.00 14,355.00 2,862.00 4,700.00 10,493.00 9,655.00 Net Income 838.00 838.00 4,700.00 4,700.00 10,493.00 10,493.00 1. Prepare an income statement. Megaffin's Repairs Income Statement For Month Ended January 31, 20-- 2. Prepare a statement of owner's equity. Megaffin's Repairs Statement of Owner's Equity For Month Ended January 31, 20-- 3. Prepare a balance sheet. Megaffin's Repairs Balance Sheet January 31, 20-- Assets Current assets: Total current assets Property, plant, and equipment: Total assets Liabilities Current liabilities: Total current liabilities Owner's Equity Total liabilities and owner's equity Check My Work Financial Statements A work sheet for Megaffin's Repairs is shown below. No additional investments were made by the owner during the month. Megaffin's Repairs Work Sheet For Month Ended January 31, 20-- Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 3,673.00 3,673.00 3,673,00 Accounts Receivable 1,450.00 1,450.00 1,450.00 Supplies 700.00 300.00 400.00 400.00 Prepaid Insurance 900.00 230.00 670.00 670.00 Delivery Equipment Accumulated Depreciation-Delivery Equipment 3,200.00 3,200.00 3,200.00 55.00 55.00 55.00 Accounts Payable 1,200.00 1,200.00 1,200.00 Wages Payable 400.00 400.00 400.00 Don Megaffin, Capital 8,000.00 8,000.00 8,000.00 Don Megafin, Drawing 1,100.00 1,100.00 1,100.00 Repair Fees 4,700.00 4,700.00 4,700.00 Wages Expense 1,750.00 400.00 2,150.00 2,150.00 Advertising Expense 200.00 200.00 200.00 Rent Expense 640.00 640.00 640.00 Supplies Expense 300.00 300.00 300.00 Phone Expense 50.00 50.00 50.00 Insurance Expense 230.00 230.00 230.00 Gas and Ol Expense 200.00 200.00 200.00 Depreciation Expense-Delivery Equipment 55.00 55.00 55.00 Miscellaneous Expense 37.00 37.00 37.00 13,900.00 13,900.00 985.00 985.00 14,355.00 14,355.00 2,862.00 4,700.00 10,493.00 9,655.00 Net Income 838.00 838.00 4,700.00 4,700.00 10,493.00 10,493.00 1. Prepare an income statement. Megaffin's Repairs Income Statement For Month Ended January 31, 20-- 2. Prepare a statement of owner's equity. Megaffin's Repairs Statement of Owner's Equity For Month Ended January 31, 20-- 3. Prepare a balance sheet. Megaffin's Repairs Balance Sheet January 31, 20-- Assets Current assets: Total current assets Property, plant, and equipment: Total assets Liabilities Current liabilities: Total current liabilities Owner's Equity Total liabilities and owner's equity Check My Work Financial Statements A work sheet for Megaffin's Repairs is shown below. No additional investments were made by the owner during the month. Megaffin's Repairs Work Sheet For Month Ended January 31, 20-- Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 3,673.00 3,673.00 3,673,00 Accounts Receivable 1,450.00 1,450.00 1,450.00 Supplies 700.00 300.00 400.00 400.00 Prepaid Insurance 900.00 230.00 670.00 670.00 Delivery Equipment Accumulated Depreciation-Delivery Equipment 3,200.00 3,200.00 3,200.00 55.00 55.00 55.00 Accounts Payable 1,200.00 1,200.00 1,200.00 Wages Payable 400.00 400.00 400.00 Don Megaffin, Capital 8,000.00 8,000.00 8,000.00 Don Megafin, Drawing 1,100.00 1,100.00 1,100.00 Repair Fees 4,700.00 4,700.00 4,700.00 Wages Expense 1,750.00 400.00 2,150.00 2,150.00 Advertising Expense 200.00 200.00 200.00 Rent Expense 640.00 640.00 640.00 Supplies Expense 300.00 300.00 300.00 Phone Expense 50.00 50.00 50.00 Insurance Expense 230.00 230.00 230.00 Gas and Ol Expense 200.00 200.00 200.00 Depreciation Expense-Delivery Equipment 55.00 55.00 55.00 Miscellaneous Expense 37.00 37.00 37.00 13,900.00 13,900.00 985.00 985.00 14,355.00 14,355.00 2,862.00 4,700.00 10,493.00 9,655.00 Net Income 838.00 838.00 4,700.00 4,700.00 10,493.00 10,493.00 1. Prepare an income statement. Megaffin's Repairs Income Statement For Month Ended January 31, 20-- 2. Prepare a statement of owner's equity. Megaffin's Repairs Statement of Owner's Equity For Month Ended January 31, 20-- 3. Prepare a balance sheet. Megaffin's Repairs Balance Sheet January 31, 20-- Assets Current assets: Total current assets Property, plant, and equipment: Total assets Liabilities Current liabilities: Total current liabilities Owner's Equity Total liabilities and owner's equity Check My Work Financial Statements A work sheet for Megaffin's Repairs is shown below. No additional investments were made by the owner during the month. Megaffin's Repairs Work Sheet For Month Ended January 31, 20-- Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 3,673.00 3,673.00 3,673,00 Accounts Receivable 1,450.00 1,450.00 1,450.00 Supplies 700.00 300.00 400.00 400.00 Prepaid Insurance 900.00 230.00 670.00 670.00 Delivery Equipment Accumulated Depreciation-Delivery Equipment 3,200.00 3,200.00 3,200.00 55.00 55.00 55.00 Accounts Payable 1,200.00 1,200.00 1,200.00 Wages Payable 400.00 400.00 400.00 Don Megaffin, Capital 8,000.00 8,000.00 8,000.00 Don Megafin, Drawing 1,100.00 1,100.00 1,100.00 Repair Fees 4,700.00 4,700.00 4,700.00 Wages Expense 1,750.00 400.00 2,150.00 2,150.00 Advertising Expense 200.00 200.00 200.00 Rent Expense 640.00 640.00 640.00 Supplies Expense 300.00 300.00 300.00 Phone Expense 50.00 50.00 50.00 Insurance Expense 230.00 230.00 230.00 Gas and Ol Expense 200.00 200.00 200.00 Depreciation Expense-Delivery Equipment 55.00 55.00 55.00 Miscellaneous Expense 37.00 37.00 37.00 13,900.00 13,900.00 985.00 985.00 14,355.00 14,355.00 2,862.00 4,700.00 10,493.00 9,655.00 Net Income 838.00 838.00 4,700.00 4,700.00 10,493.00 10,493.00 1. Prepare an income statement. Megaffin's Repairs Income Statement For Month Ended January 31, 20-- 2. Prepare a statement of owner's equity. Megaffin's Repairs Statement of Owner's Equity For Month Ended January 31, 20-- 3. Prepare a balance sheet. Megaffin's Repairs Balance Sheet January 31, 20-- Assets Current assets: Total current assets Property, plant, and equipment: Total assets Liabilities Current liabilities: Total current liabilities Owner's Equity Total liabilities and owner's equity Check My Work Financial Statements A work sheet for Megaffin's Repairs is shown below. No additional investments were made by the owner during the month. Megaffin's Repairs Work Sheet For Month Ended January 31, 20-- Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 3,673.00 3,673.00 3,673,00 Accounts Receivable 1,450.00 1,450.00 1,450.00 Supplies 700.00 300.00 400.00 400.00 Prepaid Insurance 900.00 230.00 670.00 670.00 Delivery Equipment Accumulated Depreciation-Delivery Equipment 3,200.00 3,200.00 3,200.00 55.00 55.00 55.00 Accounts Payable 1,200.00 1,200.00 1,200.00 Wages Payable 400.00 400.00 400.00 Don Megaffin, Capital 8,000.00 8,000.00 8,000.00 Don Megafin, Drawing 1,100.00 1,100.00 1,100.00 Repair Fees 4,700.00 4,700.00 4,700.00 Wages Expense 1,750.00 400.00 2,150.00 2,150.00 Advertising Expense 200.00 200.00 200.00 Rent Expense 640.00 640.00 640.00 Supplies Expense 300.00 300.00 300.00 Phone Expense 50.00 50.00 50.00 Insurance Expense 230.00 230.00 230.00 Gas and O Expense 200.00 200.00 200.00 Depreciation Expense-Delivery Equipment 55.00 55.00 55.00 Miscellaneous Expense 37.00 37.00 37.00 13,900.00 13,900.00 985.00 985.00 14,355.00 14,355.00 2,862.00 4,700.00 10,493.00 9,655.00 Net Income 838.00 838.00 4,700.00 4,700.00 10,493.00 10,493.00 1. Prepare an income statement. Megaffin's Repairs Income Statement For Month Ended January 31, 20-- 2. Prepare a statement of owner's equity. Megaffin's Repairs Statement of Owner's Equity For Month Ended January 31, 20-- 3. Prepare a balance sheet. Megaffin's Repairs Balance Sheet January 31, 20-- Assets Current assets: Total current assets Property, plant, and equipment: Total assets Liabilities Current liabilities: Total current liabilities Owner's Equity Total liabilities and owner's equity Check My Work

Answer rating: 100% (QA)

Step 1 Preparing an income statement of megaffins Repairs for the month ended January 31 20 Megaffin... View the full answer