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please i need you guys to do the income statement and bank statement for me
signment CALCULATOR FULL SCREEN Problem 1-04A a-c (Video) Ruth Lewis started her own consulting firm, Sunland Consulting, on
Prepare an income statement for the month of May. SUNLAND CONSULTING Income Statement
CALCULA SUNLAND CONSULTING Balance Sheet Assets Liabilities and Owners Equity
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Answer #1

Showing the effects of the previous transactions on the accounting equation:-

Sunland Consulting

Worksheet

For the Month of May

Date Assets = Liabilities + Owner's Equity
May Cash + A/R + Supplies + Equipment = A/P + N/P + Capital - Drawings + Revenue - Expenses Explanation
1 $7,800 + + + = + + $7,800 - + -
2 (850) + + + = + + - + - $850 Rent Expense
3 + + $600 + = $600 + + - + -
5 (110) + + + = + + - + - 110 Advertising Expense
9 4,400 + + + = + + - + $4,400 -
12 (1,100) + + + = + + - $1,100 + -
15 + $5,100 + + = + + - + 5,100 -
17 (2,600) + + + = + + - + - 2,600 Salaries Expense
20 (400) + + + = (400) + + - + -
23 3,600 + (3,600) + + = + + - + -
26 4,700 + + + = + $4,700 + - + -
29 + + + $4,400 = 4,400 + + - + -
30 (300) + + + = + + - + - 300 Utilities Expense
Bal. $15,140 + $1,500 + $600 + $4,400 = $4,600 + $4,700 + $7,800 - $1,100 + $9,500 - $3,860

Preparing Financial Statements:-

Sunland Consulting

Income Statement

For the Month Ended May 31,2020

Accounts Amount Amount
Service Revenue $9,500
Less:- Expenses
Rent Expense $850
Advertising Expense 110
Salaries Expense 2,600
Utilities Expense 300
Total Expenses $(3,860)
Net Income $5,640

Sunland Consulting

Statement of Owner's Equity

For the Month Ended May 31,2020

Accounts Amount
Owner's Capital, May 1 $7,800
Add:- Net Income 5,640
$13,440
Less:- Drawings (1,100)
Owner's Capital, May 31 $12,340

Sunland Consulting

Balance Sheet

May 31,2020

Accounts Amount Amount
Assets:-
Cash $15,140
Accounts Receivable 1,500
Supplies 600
Equipment 4,400
Total Assets $21,640
Liabilities and Owner's Equity:-
Liabilities:-
Accounts Payable $4,600
Notes Payable 4,700
Total Liabilities $9,300
Owner's Equity:-
Owner's Capital, May 31 $12,340
Total Owner's Equity $12,340
Total Liabilities and Owner's Equity $21,640

Preparing Bank Statement:-

Sunland Consulting

Bank Statement

For the Month of May

Date Description Debit Credit Balance
May 1 Invested in Business $7,800 $7,800
2 paid Rent Expense $850 $6,950
5 Paid Advertising Expense 110 $6,840
9 Received Cash for Service Performed 4,400 $11,240
12 Withdrew for Personal use 1,100 $10,140
17 Paid Salaries to Employees 2,600 $7,540
20 Paid Accounts Payable 400 $7,140
23 Collection from Accounts 3,600 $10,740
26 Borrowed from Bank 4,700 $15,440
30 Paid Utilities 300 $15,140
Balance at the end of Month $15,140
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