Precision Plumbing Company, Inc. Post-Closing Trial Balance December 31, 20XX De
ID: 2460664 • Letter: P
Question
Precision Plumbing Company, Inc.
Post-Closing Trial Balance
December 31, 20XX
Debit
Credit
Cash
$12,300
Accounts receivable
$10,700
Supplies
$1,800
Equipment
$25,800
Accumulated depreciation—Equipment
$12,300
Accounts payable
$3,300
Unearned service revenue
$4,600
Salary payable
$700
Note payable
$15,000
Schaubach, Capital
$9,000
Schaubach, Drawing
$36,000
Service revenue
$66,000
Depreciation expense
$5,500
Salary expense
$9,600
Utilities expense
$4,100
Insurance expense
$3,700
Supplies expense
$1,400
$110,900
$110,900
Prepare statement of owner’s equity and determine the following:
The beginning amount for the Capital account
The ending amount for the Capital account
The amount that is added to the beginning Capital account
The amount that is deducted from iii
The statement that the total Capital amount is transferred to and the amount
Precision Plumbing Company, Inc.
Statement of Owner's Equity
Month Ended December 31, 20XX
Schaubach, Capital, December 1, 20XX (i)
Net Income (iii)
Less: Drawing (iv)
Schaubach, Capital, December 31, 20XX (ii)
The total Capital amount is transferred to the balance sheet in the amount of $14,700. (v)
Precision Plumbing Company, Inc.
Post-Closing Trial Balance
December 31, 20XX
Debit
Credit
Cash
$12,300
Accounts receivable
$10,700
Supplies
$1,800
Equipment
$25,800
Accumulated depreciation—Equipment
$12,300
Accounts payable
$3,300
Unearned service revenue
$4,600
Salary payable
$700
Note payable
$15,000
Schaubach, Capital
$9,000
Schaubach, Drawing
$36,000
Service revenue
$66,000
Depreciation expense
$5,500
Salary expense
$9,600
Utilities expense
$4,100
Insurance expense
$3,700
Supplies expense
$1,400
$110,900
$110,900
Explanation / Answer
Calculation of net Income In $ Service Revenue 66000 Less : Expenses - Salary expense 9600 - Utilities expense 4100 - Insurance expense 3700 - Supplies expense 1400 - Depreciation expense 5500 Total Expenses 24300 Net Income 41700 Precision Plumbing Company, Inc. Statement of Owner's Equity Month Ended December 31, 20XX In $ Schaubach, Capital, December 1, 20XX (i) 9,000 Net Income (iii) 41,700 Less: Drawing (iv) 36,000 Schaubach, Capital, December 31, 20XX (ii) 14,700 The total Capital amount is transferred to the balance sheet in the amount of $14,700. (v)
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