Question

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The T account balances for the accounts of Rya’s Planning Services as of January 31, 2019 are listed below. Cash $ 22,100 Accounts Receivable 18,100 Office Supplies 850 Equipment 15,000 Accounts Payable 5,160 Rya Page, Capital 29,100 Rya Page, Drawing 6,200 Planning Fees Income 34,250 Office Supplies Expense 320 Rent Expense 920 Salaries Expense 4,200 Utilities Expense 820

1. Prepare an income statement for the Rya’s Planning Services for the month ended January 31, 2019.

2. Prepare a statement of owner’s equity for Rya’s Planning Services for the month ended January 31, 2019.

3. Prepare a balance sheet for Rya’s Planning Services as of January 31, 2019.

Answer 1

Income statement
Particulars			amount
revenues
planning fees income			34250
Total revenue			34250
expenses:
office supplies expenses			320
utilities expenses			820
rent expenses			920
salaries expenses			4200
Total expenses			6260
Net income			27990
2)owner equity statement
Rya page capital -beginning balance			29100
add: net income			27990
less: Rya page, drawing			6200
Rya page capital -ending balance			50890
3) Balance sheet
assets		amount	liabilities		amount
cash		22100	accounts payable		5160
accounts receivable		18100	owners equity
office supplies		850
equipment		15000	Rya page,capital		50890
total assets		56050	Total liabilies& owner equity		56050