Question: Question 3: From the following data, prepare the 3 financial statements (Omit the Statement of Cash Flow) for Steve Simpson. (30 minutes) Cash $26,300 Salaries

 Question 3: From the following data, prepare the 3 financial statements

Question 3: From the following data, prepare the 3 financial statements (Omit the Statement of Cash Flow) for Steve Simpson. (30 minutes) Cash $26,300 Salaries Payable $ 3,500 Accounts Receivable $ 8,000 Accounts Payable $ 4,000 Rent Revenue $ 6,000 Interest Revenue $ 1,500 Interest Receivable $ 2,000 Consulting Fees Earned $45,000 Land $50,000 Unearned Revenue $ 7,000 S, Simpson, Withdrawal $ 5,000 Rent Expense $ 12,000 Salaries Expense $ 10,000 Telephone Expense 850 Insurance Expense $ 900 Advertising Expense $ 600 Miscellaneous Expense $ 150 S. Simpson, Beginning Capital $200,000 Prepaid Expense $ 1,200 Building $ 150,000

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!