SB Problem The following information applies to the questions displayed below. T

Question

SB Problem The following information applies to the questions displayed below. The T account balances for the accounts of Rya's Planning Services as of January 31, $21,800 Accounts Receivable 17,800 Cash 700 18,000 9,120 28,800 5,900 Planning Fees Income 32,150 290 890 3,900 790 office Supplies Equipment Accounts Payable Rya Page, Capital Rya Page, Drawing office Supplies Expense Rent Expense Salaries Expense Utilities Expense Problem 3-113 The T account balances for the... 1. Prepare an income statement for the Rya's Planning Services for the month ended January 2. Prepare a statement of owner's equity for Rya's Planning Services for the month ended Jan 3. Prepare a balance sheet for Rya's Planning Services as of January 31, 2019. Complete this question by entering your answers in the tabs below. Statement Owners Equity Balance Sheet Prepare an income statement for the Rya's Planning Services for the month ended January 31, 2019 positive values.) RYA'S PLANNING SERVICES Income Statement Month Ended January 31, 2019 Revenue

Explanation / Answer

Ans.(1) RYA'S PLANNING SERVICES Income Statement Month Ended January 31, 2019 Particulars Amt.($) Amt.($) Revenue Planning Fees Income         32,150 Total Revenue         32,150 Less: Expenses      Office supplies expense               (290)      Rent expense               (890)      Salaries expense            (3,900)      Utilities expense               (790) Total Expense         (5,870) Net Income         26,280 Ans.(2) RYA'S PLANNING SERVICES Statement of Owner's Equity Month Ended January 31, 2019 Particulars Amt.($) Amt.($) Opening Capital         28,800 Add: Net Income            26,280 Less: Drawings            (5,900)         20,380 Closing Balance $     49,180 Ans.(3) RYA'S PLANNING SERVICES Balance Sheet Month Ended January 31, 2019 Assets Amt($) Liabilities Amt($) Cash            21,800 Liabilities: Accounts Receivable            17,800 Accounts Payable          9,120 Office Supplies                  700        Total Liabilities          9,120 Equipment            18,000 Owners Equity: Owners Equity and Retained earnings       49,180       Total Assets            58,300       Total Liabillities and Owner's Equity       58,300

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