Question

stuck , help me out please

Financial Statements Your Company Income Statement For the Year Ended December 31, 2015 Fees Earned Expenses Your Company Balance Sheet December 31, 2015 ASSETS Current Assets Total Expenses Net Income Total Current Assets Property, plant and equipment Your Company Statement of Owners' Equity For the Year Ended December 31, 2015 Total Property, Plant & Equipment Total Assets LIABILITIES & OWNERS EQUITY Current Liabilities Beginning Capital Net Income for the year Less withdrawals Increase in owner's equity Ending Capital Total Liabilities Total Liabilities & Equity

Answer 1

1. journal entries

(Amount in (6) Amount (A) Amont (es) 175000 178000 26250 26250 Jownal entries Particular 1 Cash Ale To capital the art 2) prepaid rent all To cashou a) office equipment AL с so Account payablel ple 4 Cash ofc To fee earned of 5 Account Receivable Alc To fee earned tyc 21875 28875 15313 2 15313 32813 wote 32813 8750 8750 6) Account payables Ale Yo Gash oh 2 H) I Cash ale Ho Account receivable AC 26250 26210 8) Supplies Ale D 3281 To account payables 328) a utility bill of 1094 To cash 1094 A 3938 1 wages Arc 3938 To Cash 3500 11 Drawing Ale 3500 To Cash


2. prepation of unadjusted trail balance and adjustded trail balance

Tite Adjustments Adjusted trail Balance Rachet Credit Datit Coldit $ 175,000 (3187,5) $ 24062,5 $ 21875 $ 59064 10938 10938 Unadjusted Trail Balance Dabil Credit Capital $175.000 Prepaid Reut $26250 office equipment 24875 Fee earned 48126 Account Belivables 6563 Supplies 328) Account 16406 Payables Ufility Bills 1094 3938 3500 17303) Depreciation $ 17501 $ 2187 XORNY 1094 $16406 1969 wages Drawings 1094 5907 3500 173031 Cash $239532 $239532 wege


Depirication expence $1750 $1750 $17.50 $1750 Accumulated Deprelde etron Supplies at the eng Wages payable $1094 $1094 $1969 $1969 $ 254189 $ 254189 38 S


3. CALCULATION OF NET INCOME AND OWNER'S EQUITY

your company Income statment year . ended Dec. 2015 for the $59064 Free earmed less expensel Rent expenses (26250/12x4) Dipericiation expenses Supplies expenses Utilities (8750) 1750) (2187) (1094) (5907) wages exps Net Income $39376 for the your company Statment of owers .equity Year-ended, Dec-2015 Reginning capital Add: Net Income lessa withdrawvels sucresse an owne's equity $175000 $39376 $ 3500) $210,876 Ending capital


4. BALANCE SHEET OF YOUR COMPANY

your company Balance sheet at December, 31, 2015 I] Assets NON o-current Assels $21875 Plant, Property equipment 2) Current Assels Porepaid veut (96250/12*8) Account receivables Supplies eet end Cash & cash equivalent $ 17500 $1750) $1094 $173031 Total $2,31,001 (I) Equities f liabilities Current licebilities Accmulaled Rep. wages payabis $1750 $1969 |$16406 Account payables Total liab. 20,125 1210876 owne's equity Total liability & Equities $23100)