Question: Using the following partial Excel work sheet for Pendulum Service Co., prepare the Income Statement, the Statement of Changes in Equity, and an unclassified Balance
Using the following partial Excel work sheet for Pendulum Service Co., prepare the Income Statement, the Statement of Changes in Equity, and an unclassified Balance Sheet Assume the owner did not make any investments in the business: during the year.
Pendulum Service Co.
Work Sheet For Year Ended December 31, 2020)
Income Statement
Account
Dr
Statement of Changes in Equity and Balance Sheet
Dr.
Cr.
5,000
1,200
Cash
Accounts receivable
Supplies Dr 500
Prepaid rent
Supplies
500
7,000
Prepaid rent
40,000
Equipment
2,800
Accumulated depreciation Equipment
5,000
Notes payable
Accounts payable
5,300
28.450
R. Christie capital
500
IR. Christie, withdrawals
19,000
Service revenue
700
Depreciation expense, Building
500
Wages expense
2.000
Rent expense
Depreciation expense, Building
700
Wages expense
600
Rent expense
2,000
Supplies expense
1,200
Utilities experise
500
Repairs expense
600
Telephone expense
750
Totals
6.350
19.000
54,200
41,550
Profit
12.650
12.650
Totals
19.000
19,000
54.200
54.200 Pendulum Service Co.
Income Statement For Year Ended December 31, 2020
Revenue:
Service revenue
Operating Expenses
Depreciation expense,
Wages expense
Rent expense
Supplies expense
Utilities expense
Repairs expense
Telephine expense Profit
Pendulum Service Co.
Statement of Changes in Equity For Year Ended December 31, 2020
R. Christie, capital, Jan 1
Add
Profit
Total
Less: Withdrawals by owner
R. Christie, capital, Dec 31
Pendulum Service Co. Balance Sheet December 31, 2020
Assets
Cash
Liabilities
5 Accounts Payable
Accounts receivable
Notes payable
Suppli
Total Liabilities
Prepaid rent
Equipment
Equity
Less
Accumulated depreciation, Equipment
R. Christie, capital
Total Assets Accumulated depreciation, Equipment
Total Assetstal Liabilities and Equity
Supplies Prepaid rent Using the following partial Excel work sheet for Pendulum Service Co., prepare the Income Statement, the Statement of Changes in Equity, and an unclassified Balance Sheet. Assume the owner did not make any investments in the business during the year. Pendulum Service Co. Income Statement For Year Ended December 31, 2020 Revenue: Service revenue Operating Expenses: Depreciation expense, Rent expense \begin{tabular}{|l|l|l|l|} \hline & Repairs expense & & \\ \hline & Telephone expense & & \\ \hline Profit & & & \\ \hline \end{tabular} \begin{tabular}{l} Pendulum Service Co. Statement of Changes in Equity For Year Ended December 31,2020 \\ \hline R. Christie, capital, Jan 1 \\ \hline Add: \\ \hline Profit \\ \hline Total \\ \hline Less: Withdrawals by owner \\ \hline R. Christie, capital, Dec 31 \\ \hline \end{tabular} Pendulum Service Co. Balance Sheet December 31, 2020 Assets Liabilities
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