Question

QUESTION #4 At the end of its first month of operations, P. Raquet Temperature Services has the following unadjusted trial balance information, with the accounts presented in alphabetical order. Credit $ Debit 22,000 $ 140,000 P. Raquet Temperature Services Trial Balance August 31, 2017 Debit Credit Accounts payable $ 2,400 Long-term investments Accounts receivable $ 2,800 Mortgage payable Accumulated depreciation - building 500 Prepaid insurance Accumulated depreciation - equipment 1,000 P. Raquet capital 150,000 Building P. Raquet, drawings Cash 5,400 Salaries expense Depreciation expense 1,500 Service revenue Equipment 60,000 Short-term investments Interest payable Supplies Land 50,000 Supplies expense 2,200 155,000 1,000 3,200 5,700 1,350 4,800 1,000 2,050 Part (a)(12 marks): Prepare, in proper format, the Income Statement and the Statement of Owner's Equity for the month ended August 31, 2017.

Answer 1

P. Raquet Temperature seewices Income statement for the mouth ended Aug 31, 2017 Particulars Amout Income Revenue from operations $ 5,700 Gotal "A' $5,700 $3,200 Expenses Employee Benefit Expenses finance cost Depreciation она @APeuee Total 'B' Net Profit/ loss for the period (A-B) $1,500 $ 2,050 $6,750 - $1,050 Aug 31, 2017 Owner's epuity Statement for the mouth ended Particulars Amout Owner's spuity - opening Balance $155,000 Addo Netinome -$1050 lesso Drawing $1,000 $152,950 closing Balame 2019.11.29 11:54