Question: please help me with my wrong answers!!!! and steps on how to calculate it. Trial Balance and Financial Statements The following account balances, in alphabetical

please help me with my wrong answers!!!! and steps on how to calculate it.

please help me with my wrong answers!!!! and steps on how tocalculate it. Trial Balance and Financial Statements The following account balances, inalphabetical order, are from the general ledger of The Columbus Service Companyat January 31. The firm began business on January 1. All accountshave normal balances. Accounts payable $5,200 Notes payable Accounts receivable 42,000 Rent

Trial Balance and Financial Statements The following account balances, in alphabetical order, are from the general ledger of The Columbus Service Company at January 31. The firm began business on January 1. All accounts have normal balances. Accounts payable $5,200 Notes payable Accounts receivable 42,000 Rent expense Advertising expense 840 Salaries expense Cash 20,800 Service fees earned Common stock 59,480 Supplies Dividends 6,000 Supplies expense Interest expense 100 Utilities expense $12,000 3,400 16,000 51,520 17,920 20,500 640 Required a. Prepare a trial balance from the given data. b. Prepare an income statement for the month of January. C. Prepare a statement of stockholders' equity for the month of January. d. Prepare a balance sheet as of January 31. Note: Do not use negative signs with your answers, unless otherwise noted (such as Dividends). Trial Balance Income Statement Statement of Stockholders' Equity Balance Sheet COLUMBUS SERVICE COMPANY Trial Balance January 31 Debit Credit Cash $ $ 0 Accounts Receivable 20,800 42,000 17,920 0 0 0 Supplies Accounts Payable Notes Payable Common Stock 0 5,200 12,000 59,480 0 Dividends 0 6,000 O 51,520 840 0 100 0 0 Service Fees Earned Advertising Expense Interest Expense Rent Expense Salaries Expense Supplies Expense Utilities Expense Totals 3,400 16,000 20,500 O 0 640 0 $ 128,200 $ 128,200 Trial Balance Income Statement Statement of Stockholders' Equity Balance Sheet COLUMBUS SERVICE COMPANY Income Statement For the Month Ended January 31 Revenue Service Fees Earned 51,520 840 100 Expenses Advertising Expense Interest Expense Rent Expense Salaries Expense Supplies Expense Utilities Expense Total Expenses 3,400 16,000 20,500 640 41,480 10,040 Net Income $ Trial Balance Income Statement Statement of Stockholders' Equity Balance Sheet COLUMBUS SERVICE COMPANY Statement of Stockholders' Equity For the Month Ended January 31 Common Stock Retained Earnings $ 59,480 x $ 0 0 x Total $ 0 Balance, January 1 Add: Stock Issued 0 x Add: Net Income 0 0 % 0 x 0 0 x 0 x Less: Dividends Paid(enter as negative) Balance, January 31 $ 59,480 $ 0 x $ 0 x Trial Balance Income Statement Statement of Stockholders' Equity Balance Sheet Assets Cash $ Accounts Receivable COLUMBUS SERVICE COMPANY Balance Sheet January 31 Liabilities 20,800 Accounts Payable $ 42,000 Notes Payable 17,920 Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity 80,720 Total Liabilities and Stockholders' Equity $ 5,200 12,000 17,200 Supplies 59,480 0 x 63,520 0 x Total Assets $

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!