Question

The completed worksheet for Cantu Corporation as of December 31, 2019, after the company had completed the first month of operation, appears below. Incone Debit Credit 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 CANTU CORPORATION Worksheet Month Ended December 31, 2019 Adjusted Trial Trial Balance Adjustments Balance Debit Credit Debit Credit Debit Credit 77.400 27,400 12,200 12.200 10,500 6.2 4.30 15.600 2.600 13.00 65,000 65,000 1.300 1.300 12,200 12,200 108,200 108.200 2.400 2.400 56,200 36,00 6.200 Balance Sheet Debit Credit 27.40 12,200 4,300 13,000 65,000 1.300 12,200 108,200 7,400 6.200 2. 1. Ja 17.00 1.300 17.000 17.000 207. 100207 100 10,100 10,100 208,400 208,400 86,700 179,300 29,100 52.600 86,700 121,700 57.600 179,300 16.00 170, 100

Answer 1

1 2 Bc CANTU CORPORATION Income Statement Month Ended December 31, 2019 4 Revenue 5 Fees Income $ 86,700 3 6 7 Expenses 8 Supplies Expense $ 6,200 9 Advertising Expense $ 2,600 10 Depreciation Expesne - Equipment $ 1,300 11 Salaries Expense $ 17,000 12 Utilities Expense $ 2,000 13 14 15 Total Expenses 16 Net Income $ 29,100 $ 57,600 17 18 CANTU CORPORATION 19 Statement of Owner's Equity 20 Month Ended December 31, 2019 21 Selma Cantu, Capita $108,200 22 Add: Net Income $ 57,600 $ 57,600 $165,800 24 Less: Selma Cantu, Withdrawals $ 7,400 25 Selma Cantu, Capital, Ending $ 158,400 23 26

G u AwN- I F CANTU CORPORATION 2 Balance Sheet December 31, 2019 Assets 5 Cash 6 Accounts Receivable 7 Supplies 8 Prepaid Advertising 9 Equipment $65,000 10 Less: Accumulated Depreciation - Equipment $ 1,300 11 Total Assets Liabilities and Owner's Equity 13 Accounts Payable $ 77,400 $ 12,200 $ 4.300 $ 13,000 $ 63,700 $170.600 12 $ 12,200 14 15 Owner's Equity 16 Selma Cantu, Capital $ 158,400 17 $170.600 18 Total Liabilities and Owner's Equity 19 20

J K 1 If advertising expense is $5,200 instead of $2,600 2 Income Statement 3 Month Ended December 31, 2019 4 Revenue 5 Fees Income $ 86,700 6 7 Expenses 8 Supplies Expense $ 6,200 9 Advertising Expense $ 5,200 10 Depreciation Expesne - Equipment | $ 1,300 11 Salaries Expense $ 17,000 12 Utilities Expense $ 2,000 13 14 15 Total Expenses 16 Net Income 17 $ 31,700 $ 55,000

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