Question

I need help with this

Paco Lopez, CPA owns operates an accounting practice.   Below are the account balances.

Fees earned                              $30,000

Rent expense                                2,000

Wages expense                            9,000

Utilities expense                          1,000

Paco Lopez, capital 4/1/19         5,000

Contributions                                1,000

Withdrawals                                  2,000

Cash                                               16,000

Equipment                                   10,000

Accounts receivable                     9,000

Accounts payable                         4,000

Wages payable                             9,000

Prepare an income statement, statement of owner’s equity and a balance sheet.

Paco Lopez, CPA

Income Statement

For the period ended 4/30/19

Revenues:

Expenses:

Total Expenses

Net Income

Paco Lopez, CPA

Statement of Owner’s Equity

For the period ended 4/30/19

Paco Lopez, capital 4/1/19

Paco Lopez, capital 4/30/19

Paco Lopez, CPA
Balance Sheet
As of 4/30/19
	Liabilities
Assets:
	Total Liabilities
	Owner’s Equity
Total Assets	Total Liabilities & Owner’s Equity

Answer 1

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Income Statement
For the period ended 4/30/19
Revenues:
Fees Earned			$   30,000
Expenses:
Rent Expense		$                                                                   2,000
Wage Expense		$                                                                   9,000
Utilities Expense		$                                                                   1,000
Total Expenses			$   12,000
Net Income			$   18,000
Statement of Owner’s Equity
For the period ended 4/30/19
Paco Lopez, capital 4/1/19			$     5,000
Add: Contribution		$                                                                   1,000
Less: Withdrawal		$                                                                (2,000)
Add: Net Income		$                                                                18,000	$   17,000
Paco Lopez, capital 4/30/19			$   22,000
Balance Sheet
As of 4/30/19
		Liabilities
Assets:		Accounts Payable	$     4,000
Cash	$   16,000	Wages Payable	$     9,000
Accounts Receivable	$      9,000	Total Liabilities	$   13,000
Equipment	$   10,000
		Owner’s Equity	$   22,000
Total Assets	$   35,000	Total Liabilities & Owner’s Equity	$   35,000