Question

creating income statement, then owner's equity and balance sheet

Wk. 2- Apply Connect Exercisex Content i newconnect.mheducation.com/flow/connect.html Saved k. 2- Apply Connect Exercise (due Mori The account balances from the December 31, 2019, trial balance for Haman Accounting Services are shown below. HAAN kcOUNTING Trial Balance Decenber 31, 2019 ACCOUNT NAME DEBIT CREDIT 7,700 3,700 2,700 18,000 17,000 Cash 12 ponts Accounts Receivable Supplies Prepaid Rent Equipnent Accounts Payable Erik Haman, Capital trik Haman, Drawing 9,8ee 26,00e 4,700 Fees Income 25, 5ee 4,700 2,00 61,300 61, 3ee Salaries Expense Utilities Expense Totals 1. Prepare an income statement for the Haman Accounting Services for the month ended December 31, 2019. 2. Prepare a statement of owner's equity for Haman Accounting Services for the month ended December 31, 2019. 3. Prepare a balance sheet for Haman Accounting Services as of December 31, 2019. Complete this question by entering your answers in the tabs below. Income Owners Equity Balance Sheet Statement Prepare an income staterment for the Haman Accounting Services for the month ended December 31, 2019. (Input all amounts as positive values.) HAMAN ACCOUNTING SERVICES Income Statement Month Ended December 31, 2019 Revenue Expenses Total expenses Mc Graw < Prev 2 of 10 Nex

Answer 1

Haman Accounting services Income Stotement For the month December 31, 2016. Particulars Amount Amount Revenue frem operations: Fees Income 25500 Total Revenue 25500 Expenses Salories Expenses (Emplyee cost) 4700 utilities Expenses (othe expenses) 2800 7500 Totel Expenses 18000 Net Income Profit for the month of December, 2019.

Stotement of Oviner's Equity For the month ended December 31, 2019. particulars Amaint Amount Opening capital as on Dec 1, 2019 2600 Increase: Investments made during the math Net Inconel Profit for the month Total Increase 18000 180co Deceases: Drawings during the month Net Loss for the month Totar Decrease 4700 (4700) Capital balance as on Dec 31,2019 39300

Balance sheet As on December 31, 2019 Amaint Liabilities & owner's Equity Assets Amount Current Assets Liabilities Accounts cash payable 9800 7700 3700 Accounts Receivable Prepaid Rent Supplies 18000 2700 Total Cunent Assets g8co Totel Liabilities Ovner's Equity 39300 Non-cunent Assets: Equipment 17000 49100 Total Assets Total liabilities e Owner's Equity 4910o