Help Save& Exit Submit operation, appears below sheet Month Ended December 31. 2

Question

Help Save& Exit Submit operation, appears below sheet Month Ended December 31. 2019 Adjusted Trial Trial Balance IIlil Adiustanenta Balanceilneome Statement Balance Sheet DebitilliczeditillDebitillcredtDebitCreditDebit 76,900 11,700 9,500 12,600 92,500 Cash Accounts Receivable Supplies Prepaid Advertising Equipment Accumulated Depreciation- Equipment Accounts Payable Selena Cantu, Capital Selena Cantu, Drawing Fees Income Supplies Expense Advertising Expense Depreciation Expense- Equipment Salaries Expense Utilities Expense Totals Net Income 76.900 1-700 76,900 11,700 3,800 10,500 92,500 570050 2 10022 600 92 500 -850 8so 12. 700 107 00 1,850 11.700 107 700 11,700 107,700 6,900 6.900 5 200 1850 6,900 108,700 OR 700 108,700 s 700 5.700 2,100 1,850 16.500 1-850 16,500 1.500 500 228 100205985o 228,100 228/1009 6505011229 950 229.9502 127 650 108,700 202,300 121,250 81,050 108 700 108,700 202,300 202,300

Explanation / Answer

INCOME STATEMENT REVENUE: Fees income 108700 Total revenue 108700 EXPENSES: Supplies expense 5700 Advertising expense 2100 Depreciation expense-Equipment 1850 Salaries expense 16500 Utilities expense 1500 Total expenses 27650 Net Income 81050 STATEMENT OF OWNER'S EQUITY Balance as on December 31, 2018 107700 Add: Net income 81050 Less: Drawings -6900 74150 Balance as on December 31, 2019 181850 BALANCE SHEET ASSETS: Current Assets: Cash 76900 Accounts receivable 11700 Supplies 3800 Prepaid advertising 10500 Total current assets 102900 Non-Current Assets: Equipment 92500 Less: Accumulated depreciation 1850 90650 TOTAL ASSETS 193550 TOTAL LIABILITIES AND OWNERS' EQUITY: Current Liabilities: Accounts payable 11700 Total current liabilities 11700 Non Current liabilities 0 Total liabilities 11700 Owner's Equity: Selena Cantu, Capital 181850 Total liabilities and Owner's equity 193550

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