Prirciples af Accounting actice quiz 1- Chapters 1 Narma 1. Maidfor you Cleaning

Question

Prirciples af Accounting actice quiz 1- Chapters 1 Narma 1. Maidfor you Cleaning Services is anew corrpeny founded January 1, 2018. tthe end of its first manth af operation, the following trial balance was prepered frarm the campay's general Maid-far yau Cleaning Services Trial Balarce Jarnuary 31, 2018 Debit Credit $12,100 5,000 Accounts Receivable Prepeid Insurance Supplies Equipment Acoounts Payable Uneamed Revenue Common Stock 2,000 30,000 600 1,000 45,000 1,500 Service Revenue Rent Expense Wages Expense Advertising Expense 6,000 1,000 100 Using the above informetion, prepare for the momh ending January 31, 2018: 1. an income statement. 2 a retained earnings statement. 3. a balance sheet. Maid for-you Cleaning Services Incorne Slaterment

Explanation / Answer

Answer 1. Maid-for-you Cleaning Services Trial Balances For the Month Ended Jan 31, 2018 Revenues: Service Revenue      6,000.00 Expenses: Rent Expense          500.00 Wages Expense      1,000.00 Advertising Expense          100.00      1,600.00 Net Income      4,400.00 Answer 2. Maid-for-you Cleaning Services Retained Earning Statement For the Month Ended Jan 31, 2018 Beginning Balance                   -   Net Income      4,400.00 Sub-total      4,400.00 Dividends    (1,500.00) Ending Balance - Jan 31, 2018      2,900.00 Answer 3. Maid-for-you Cleaning Services Balance Sheet As on Jan 31, 2018 Assets Current Assets Cash    12,100.00 Accounts Receivable      5,000.00 Prepaid Insurance          400.00 Supplies      2,000.00    19,500.00 Property, Plant & Equipment Equipment    30,000.00 Total Assets    49,500.00 Liabilities & Stockholders' Equity Liabilities Current Liabilities Accounts Payable          600.00 Unearned Revenue      1,000.00      1,600.00 Long-Term Liabilities                   -   Total Liabilities      1,600.00 Stockholders' Equity Common Stock    45,000.00 Retained Earnings      2,900.00 Total Stockholders' Equity    47,900.00 Total Liabilities & Stockholders' Equity    49,500.00

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.