Question

Prepare an income statement for the month of March. (Enter negative amounts using either a negative sign preceding the number e.3.-45 or parentheses es. (45).) WILDHORSE ROOFING Income Statement 09 A # % 5 & 7 6 B 9 2 Р o U T Y E R W K к H F G А S D > < V B B NM N Х С all command option command

Answer 1

Credit WILDHORSE ROOFING Journal Entries sl. Particulars 1 Supplies Expense Supplies (To record supplies used) ($1,780-600] Debit $ 1,180 $ 1,180 2 $ 250 Depreciation Expense Accumulated Depreciation (To record monthly depreciation) $ 250 3 $ 390 Unearned Service Revenue Service Revenue (To record revenue for service performed) ($570-180] $ 390 4 $ 700 Salaries and Wages Expense Salaries and Wages Payable (To record accrued salaries and wages) $ 700

a.Worksheet Account Particulars Cash Accounts Receivable Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Miscellaneous Expense Totals Supplies Expense Depreciation Expense Salaries and Wages Payable Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit $ 4,700 $ 4,700 $ 4,700 $ 3,500 $ 3,500 $ 3,500 $ 1,780 $ 1,180 $ 600 $ 600 $ 11,000 $ 11,000 $ 11,000 $ 1,250 $ 250 $ 1,500 $ 1,500 $ 2,550 $ 2,550 $ 2,550 $ 570 $ 390 $ 180 $ 180 $ 12,600 $ 12,600 $ 12,600 $ 1,130 $ 1,130 $ 1,130 $ 6,800 $ 390 $ 7,190 $ 7,190 $ 1,320 $ 700 $ 2,020 $ 2,020 $ 340 $ 340 $ 340 $ 23,770 $ 23,770 $ 1,180 $ 1,180 $ 1,180 $ 250 $ 250 $ 250 $ 700 $ 700$ $ 700 $ 2,520 $ 2,520 $ 24,720 $ 24,720 $ 3,790$ 7,190 $ 20,930 $ 17,530 $ 3,400 $ 3,400 $ 7,190$ 7,190 20,930 $ 20,930 Total Net Profit Total

WILDHORSE ROOFING Income Statement For Month Ended March,31,2020 Revenues: Service Revenue $ 7,190 Expenses: Salaries and Wages Expense $ 2,020 Miscellaneous Expense $ 340 Supplies Expense $ 1.180 Depreciation Expense $ 250 Total Expenses $ 3,790 Net Income $3,400 WILDHORSE ROOFING Statement of change in Owner's Equity For Month Ended March,31,2020 Owners Capital, $ 2,900 Add: Additional Investment $ 9,700 Net income $ 3,400 $ 13,100 $16,000 Less: Owners Withdrawals $ 1.130 Owners Capital, $14,870 $ 4,700 $ 3,500 $ 600 $ 8,800 WILDHORSE ROOFING Balance sheet March,31,2020 Assets: Current Assets Cash Accounts Receivable Supplies Total Current Assets Property,plant and Equipment Equipment Less:Accumulated Depreciation-Equipment Total Assets Liabilities: Current Liabilities Accounts Payable Unearned Service Revenue Salaries and Wages Payable Total Liabilities Owners Equity: Owner's Capital Total Liabilities and Owner's Equity $ 11,000 $ 1,500$ 9,500 $18,300 $ 2,550 $ 180 $ 700 $ 3,430 $ 14,870 $18,300

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