Question

Swifty Golf Inc. was organized on July 1, 2017. Quarterly financial statements are prepared. The unadjusted trial balance and adjusted trial balance on September 30 are shown here.

SWIFTY GOLF INC. TRIAL BALANCE SEPTEMBER 30, 2017
		Unadjusted				Adjusted
		Dr.		Cr.		Dr.		Cr.
Cash		$7,003				$7,003
Accounts Receivable		383				1,031
Prepaid Rent		1,834				1,018
Supplies		1,310				266
Equipment		14,520				14,520
Accumulated Depreciation-Equipment								$376
Notes Payable				$5,300				5,300
Accounts Payable				1,131				1,131
Salaries and Wages Payable								643
Interest Payable								53
Unearned Rent Revenue				1,050				853
Common Stock				13,225				13,225
Retained Earnings				0				0
Dividends		626				626
Service Revenue				15,086				15,734
Rent Revenue				709				906
Salaries and Wages Expense		9,447				10,090
Rent Expense		930				1,746
Depreciation Expense						376
Supplies Expense						1,044
Utilities Expenses		448				448
Interest Expense						53
Totals		$36,501		$36,501		$38,221		$38,221

Prepare an income statement for the 3 months ending September 30. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Answer 1

Solution: 15,734 906 16,640 Swifty Golf Inc. Income Statement For the 3 months ending September 30,2017 Revenues Service Revenue Rent Revenue Total Revenues Expenses Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expenses Interest Expense Total Expenses Net Income /(Loss) 10,090 1,746 376 1,044 448 53 13,757 2,883