Net Income and Change in Owner's Equity Wilhelm Kohl started a business in May 20- called...

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Net Income and Change in Owner's Equity Wilhelm Kohl started a business in May 20- called Kohl's Home Repair. The trial balance showing balances for the month of May are shown. Kohl's Home Repair Trial Balance May 31, 20-- Debit Credit Account Balance Balance Cash 10,420 Accounts Receivable 1,700 Office Supplies 300 Prepaid Insurance 1,300 Equipment 9,000 Van 7,000 Accounts Payable 5,500 Wilhelm Kohl, Capital 20,000 Wilhelm Kohl, Drawing 4,000 Service Fees 10,000 Rent Expense 900 Wages Expense 600 Phone Expense 100 Gas and Oil Expense 180 Totals 35,500 35,500 Required: Determine the following information. Use the format provided below. 1. a. Total revenue for the month b. Total expenses for the month c. Net income for the month 2. a. Wilhelm Kohl's original investment in the business + Net income for the month - Owner's drawing Increase (decrease) in capital = Ending owner's equity b. End of month accounting equation: Assets Liabilities Owner's Equity %3! Net Income and Change in Owner's Equity Wilhelm Kohl started a business in May 20- called Kohl's Home Repair. The trial balance showing balances for the month of May are shown. Kohl's Home Repair Trial Balance May 31, 20-- Debit Credit Account Balance Balance Cash 10,420 Accounts Receivable 1,700 Office Supplies 300 Prepaid Insurance 1,300 Equipment 9,000 Van 7,000 Accounts Payable 5,500 Wilhelm Kohl, Capital 20,000 Wilhelm Kohl, Drawing 4,000 Service Fees 10,000 Rent Expense 900 Wages Expense 600 Phone Expense 100 Gas and Oil Expense 180 Totals 35,500 35,500 Required: Determine the following information. Use the format provided below. 1. a. Total revenue for the month b. Total expenses for the month c. Net income for the month 2. a. Wilhelm Kohl's original investment in the business + Net income for the month - Owner's drawing Increase (decrease) in capital = Ending owner's equity b. End of month accounting equation: Assets Liabilities Owner's Equity %3!

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8a20 Solution 1 V a 70tal nevenue FOST the month 10000 b Total eepenses Fos the month 900t ... View the full answer