Using the following trial balance and adjustment data for Vivians Repair Co. of Windsor, prepare: 1. A

Question:

Using the following trial balance and adjustment data for Vivian€™s Repair
Co. of Windsor, prepare:
1. A worksheet for October
2. An income statement for October, a statement of owner€™s equity for October, and a as of October 31, 2013
Adjustment Data
a. One-quarter of the prepaid insurance has expired.
b. Repair supplies on hand, $795.
c. Amortization on repair equipment is based on the straight-line approach, with a 10-year life and a residual value of $1,200.
d. Amortization on building is also straight-line, 50-year life, and no residual value.
e. Wages earned but unpaid amounted to 76 hours at $14 per hour at month-end.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...