Scenario: Assume we are in a small Accounting Firm and I hand you a trial balance prepared by a new client. Larry owns a Landscaping business and would like for our firm to prepare Financial Statements for him so he can give them to a bank for a loan.

Please review the trial balance because Larry is not an Accountant and he did his best in QuickBooks. We are the Accountants and we should always review the trial balance for accuracy and may have to make changes so all the accounts are correct.

Assignment: Based on the Trial Balance PDF for Larry's Landscaping, prepare an 12/31/2017 Income Statement, Statement of Owners Equity, and Balance Sheet using Microsoft Excel.

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Larry's Landscaping & Garden Supply Trial Balance Checking Cash Expenditures Savings Barter Account Accounts Receivable Prepaid Insurance Employee advances Inventory Asset Undeposited Funds Truck:Accumulated Depreciation Truck:Original Purchase Accounts Payable CalOil Card QuickBooks Credit Card:QBCC Field Office QuickBooks Credit Card:QBCC Home Office Payroll Liabilities Payments on Account Sales Tax Payable Bank of Anycity Loan Equipment Loan Bank Loan Opening Bal Equity Owner's Equity:Owner's Draw Retained Earnings Landscaping Services: Design Services Landscaping Services:Job Materials: Misc Materials Landscaping Services:Job Materials: Decks & Patios Landscaping Services:Job Materials:Fountains & Garden Ligh... Landscaping Services:Job Materials:Plants and Sod Landscaping Services:Job Materials:Sprinklers & Drip systems Landscaping Services:Labor:Installation Landscaping Services:Labor:Maintenance & Repairs Markup Income Retail Sales Service Cost of Goods Sold Payroll Expenses Automobile:Insurance Automobile:Fuel Automobile:Maintenance & Repairs Bank Service Charges Delivery Fee Insurance Insurance:Disability Insurance:Liability Debit 99,250.02 225.23 5,987.50 0.00 35,810.02 500.00 100.00 6,937.08 110.00 13,750.00 1,520.00 5,000.00 40,118.74 4,220.25 37,820.65 427.62 55.93 254.50 73.50 15.00 200.00 150.00 855.00 Credit 1,725.00 2,578.69 1,403.99 45.00 25.00 5,520.47 2,086.50 19,932.65 3,911.32 5,369.06 151,970.07 13,510.00 141.30 45.00 6,803.40 5,341.95 3,887.21 24,567.00 3,564.50 815.00 383.03 6,640.00 Larry's Landscaping & Garden Supply Trial Balance Checking Cash Expenditures Savings Barter Account Accounts Receivable Prepaid Insurance Employee advances Inventory Asset Undeposited Funds Truck:Accumulated Depreciation Truck:Original Purchase Accounts Payable CalOil Card QuickBooks Credit Card:QBCC Field Office QuickBooks Credit Card:QBCC Home Office Payroll Liabilities Payments on Account Sales Tax Payable Bank of Anycity Loan Equipment Loan Bank Loan Opening Bal Equity Owner's Equity:Owner's Draw Retained Earnings Landscaping Services: Design Services Landscaping Services:Job Materials: Misc Materials Landscaping Services:Job Materials: Decks & Patios Landscaping Services:Job Materials:Fountains & Garden Ligh... Landscaping Services:Job Materials:Plants and Sod Landscaping Services:Job Materials:Sprinklers & Drip systems Landscaping Services:Labor:Installation Landscaping Services:Labor:Maintenance & Repairs Markup Income Retail Sales Service Cost of Goods Sold Payroll Expenses Automobile:Insurance Automobile:Fuel Automobile:Maintenance & Repairs Bank Service Charges Delivery Fee Insurance Insurance:Disability Insurance:Liability Debit 99,250.02 225.23 5,987.50 0.00 35,810.02 500.00 100.00 6,937.08 110.00 13,750.00 1,520.00 5,000.00 40,118.74 4,220.25 37,820.65 427.62 55.93 254.50 73.50 15.00 200.00 150.00 855.00 Credit 1,725.00 2,578.69 1,403.99 45.00 25.00 5,520.47 2,086.50 19,932.65 3,911.32 5,369.06 151,970.07 13,510.00 141.30 45.00 6,803.40 5,341.95 3,887.21 24,567.00 3,564.50 815.00 383.03 6,640.00

Answer rating: 100% (QA)

STATEMENT OF OWNERS EQUITY Opening equity 15197007 Less withdrawls 5000 Add retained ear... View the full answer