Use the following to answer questions 1-3 below The records of Teresa's Toys Co. as of...

Transcribed Image Text:

Use the following to answer questions 1-3 below The records of Teresa's Toys Co. as of December 31, 20XX. Accounts payable Insurance expense Accounts receivable s10,000 500 19,000 S60,000 12,000 15,000 Wages expense Advertising expense Cash Teresa, capital, January 1, 20X5 Land Notes payable Building 62,500 14,000 33,000 48,000 Equipment Maintenance expense 25,000 6,000 130,000 Revenues In addition, Teresa withdrew $36,000 during the year for personal expenses. 1. Using the above information, prepare an income statement. 2. Using the above information, prepare a statement of owner's equity. 3. Using the above information, prepare a balance sheet. NOTE:. Make sure that all necessary titles and calculations are identified. Use the following to answer questions 1-3 below The records of Teresa's Toys Co. as of December 31, 20XX. Accounts payable Insurance expense Accounts receivable s10,000 500 19,000 S60,000 12,000 15,000 Wages expense Advertising expense Cash Teresa, capital, January 1, 20X5 Land Notes payable Building 62,500 14,000 33,000 48,000 Equipment Maintenance expense 25,000 6,000 130,000 Revenues In addition, Teresa withdrew $36,000 during the year for personal expenses. 1. Using the above information, prepare an income statement. 2. Using the above information, prepare a statement of owner's equity. 3. Using the above information, prepare a balance sheet. NOTE:. Make sure that all necessary titles and calculations are identified. Use the following to answer questions 1-3 below The records of Teresa's Toys Co. as of December 31, 20XX. Accounts payable Insurance expense Accounts receivable s10,000 500 19,000 S60,000 12,000 15,000 Wages expense Advertising expense Cash Teresa, capital, January 1, 20X5 Land Notes payable Building 62,500 14,000 33,000 48,000 Equipment Maintenance expense 25,000 6,000 130,000 Revenues In addition, Teresa withdrew $36,000 during the year for personal expenses. 1. Using the above information, prepare an income statement. 2. Using the above information, prepare a statement of owner's equity. 3. Using the above information, prepare a balance sheet. NOTE:. Make sure that all necessary titles and calculations are identified. Use the following to answer questions 1-3 below The records of Teresa's Toys Co. as of December 31, 20XX. Accounts payable Insurance expense Accounts receivable s10,000 500 19,000 S60,000 12,000 15,000 Wages expense Advertising expense Cash Teresa, capital, January 1, 20X5 Land Notes payable Building 62,500 14,000 33,000 48,000 Equipment Maintenance expense 25,000 6,000 130,000 Revenues In addition, Teresa withdrew $36,000 during the year for personal expenses. 1. Using the above information, prepare an income statement. 2. Using the above information, prepare a statement of owner's equity. 3. Using the above information, prepare a balance sheet. NOTE:. Make sure that all necessary titles and calculations are identified.

Answer rating: 100% (QA)

1 Income statement 2 Owners equity 3 Balance sheet Teresa ... View the full answer