[Q3] Use the following information to prepare, in good form, an income statement

Question

[Q3] Use the following information to prepare, in good form, an income statement, a statement o changes in equity, and a statement of financial position for Geelin Industries Ltd. for the mont ended August 31, 2018 Accounts pavable Accounts receivable Bank loan payable Cash Common shares Dividends declared Income tax expense Insurance expense Building Retained earnings (beginning) Revenues Salaries expense Supplies S 9,375 5,500 13,750 58,750 94,375 6,250 17,375 2,125 125,000 40,625 78,750 20,625 1,250

Explanation / Answer

Income statement :

Statement of changes in equity :

Statement of financial position :

Revenue Revenues 78750 Expenses : Insurance expense (2125) Salaries expenses (20625) (22750) Income before tax 56000 Less: Income tax (17375) Net income 38625

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