Question

E3-23A (book/static) Question Help The adjusted trial balance for Chef on Demand Catering, Inc., is presented below. Prepare the income statement and statement of retained earnings for Chef on Demand Catering, Inc., for the month ended January 31, 2018. Also prepare a balance sheet at January 31, 2018 (Click the icon to view the adjusted trial balance.) Prepare the income statement. (If a box is not used in the statement, leave the box emply, do not select a label or enter a zero.) Chef on Demand Catering, Inc. Income Statement For the Month Ended January 31, 2018 Revenue: Expenses Choose from any list or enter any number in the input fields and then click Check Answer 2 parts Clear All Check Answer 2 remaining

Answer 1

For Chef on Demand Catering, Inc.

Income Statement
Revenue
Service Revenue			$ 18,400.00
Expenses:
Salaries Expense		$ 4,200.00
Rent Expense		$ 2,300.00
Depreciation Expense		$ 1,300.00
Supplies Expense		$    500.00
Total Expense			$   8,300.00
Net Income			$ 10,100.00

	Statement of Retained Earnings
	Beginning Balance		$ 11,100.00
Add:	Net Income		$ 10,100.00
Less:	Dividends		$   1,100.00
	Ending Balance		$ 20,100.00

	Balance Sheet
	Assets
	Cash				$ 15,100.00
	Accounts Receivable				$   6,500.00
	Supplies				$      500.00
	Equipment			$ 24,300.00
Less:	Accumulated Depreciation			$   9,900.00	$ 14,400.00
	Total Assets				$ 36,500.00
	Liabilities and Equity
	Liabilities
	Accounts Payable			$   4,000.00
	Salaries Payable			$      800.00
	Unearned Revenue			$   2,600.00
	Total Liabilities				$   7,400.00
	Equity
	Common Stock			$   9,000.00
	Retained Earnings			$ 20,100.00
	Total Equity				$ 29,100.00
	Total Liabilities and Equity				$ 36,500.00

For Ramirez Electrical Inc's

Closing Entries
Particulars			Debit	Credit
Service Revenue			$ 98,000.00
Interest Revenue			$   1,100.00
To Income Statement				$ 99,100.00
Income Statement			$ 32,025.00
To Salaries Expense				$ 16,200.00
To Supplies Expense				$      825.00
To Interest Expense				$   2,900.00
To Depreciation Expense				$   5,400.00
To Rent Expense				$   6,700.00
Income Statement			$ 67,075.00
To Retained Earnings				$ 67,075.00
Dividends			$ 15,000.00
To Retained Earnings				$ 15,000.00

	Statement of Retained Earnings
	Beginning Balance		$ 10,600.00
Add:	Net Income		$ 67,075.00
Less:	Dividends		$ 15,000.00
	Ending Balance		$ 62,675.00