Question

Prepare financial statements for the month ending January 31, 2019. (Income Statement, Statement of Retained Earnings, Classified Balance Sheet ). Formatting is important and will be graded so be sure you use dollar signs and underlines as appropriate. Also be sure you have headings and proper column usage for all statements. There is a tab for these statements. Heading are PARTIALLY completed for the 3 statements.

Prepare closing entries for the end of the period

Prepare financial statements for the month ending January 31, 2019. (Income Statement, Statement of Retained Earnings, Classified Balance Sheet). Formatting is important and will be graded so be sure you use dollar signs and underlines as appropriate. Also be sure you have headings and proper column usage for all statements. There is a tab for these statements. Heading are PARTIALLY completed for the 3 statements. Dronor oloringontrion for the end of the nariad

Answer 1

Aug Fig Consulting Inc. Closing Enteries Date Particulars 31.1.2019 Income Summary a/c Dr. To Salaries Expense To Rent Expense To Supplies Expense To Utilities Expense To Interest Expense To Depreciation Expense, Comp Equip. To Depreciation Expense, Office Furniture (Expense accounts closed) Debit in $ Credit in $ 13905 6125 2340 675 4380 65 185 135 35160 31.1.2019 Service Revenue a/c Dr. To Income Summary (Revenue accounts closed) 35160 Dr. 21255 31.1.2019 Income Summary a/c To Retained Earnings (Profits transferred) 21255 Dr. 2000 31.1.2019 Retained Earnings a/c To Dividends (Dividends charged) 2000

35160 Income Statement For the Month ending 31.1.2019 Service Revenue Less: Salaries Expense Rent Expense Supplies Expense Utilities Expense Interest Expense Depreciation Expense, Comp Equip. Depreciation Expense, Office Furniture Net Income 6125 2340 675 4380 185 135 13905 21255 Statement of Retained Earnings For the Month ending 31.1.2019 Beginning Balance Net Income 21255 21255 -2000 19255 Less:Dividends

Amounts in $ Amounts in $ Balance sheet As at 30.4.2020 Assets Current Assets Cash Accounts Receivable Supplies Prepaid Rent Amounts in $ Amounts in $ Liabilities Current Liabilities 76835 Accounts Payable 7580 Salaries Payable 11120 Interest Payable 7425 102960 Unearned Revenue 6850 1750 65 10780 19445 Non Current Liabilities 28000 Long Term Notes Payable 26000 Non Current Assets Land Computer Equipment Accum. Depre-- Equip. Office Furniture Accum. Depre-- Off. Furn. Total Assets 42800 -185 11260 -135 42615 Shareholders Equity Common Stock 11125 Retained Earnings 184700 Total Liabilities & Equity 120000 19255 139255 184700