Question

Exercise 3-18 a-c (Video) The adjusted trial balance for Oriole Company is shown below. ORIOLE COMPANY Trial Balance August 31, 2020 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. Cash $10,000 10,000 $10,000 9,000 2,500 3,800 14,300 500 2,500 14,300 $ 3,500 5,700 $ 4,400 5,700 0 Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Owner's Capital Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense 1,500 16,200 33,800 11,000 1,400 800 16,200 34,800 11,700 16,900 0 15,200 18,300 2,000 15,200 1,300 900 0 0 $71,700 $71,700 $75,000 $75,000

Answer 1

$ $ $ 34,800 11,700 46,500 ORIOLE COMPANY Income Statement For the Year Ended August 31, 2020 Revenue Service revenue Rent revenue Total revenue Expenses Salaries and wages expense $ 18,300 Supplies expense $ 2,000 Rent expense $ 15,200 Insurance expense $ 1,300 Depreciation expense $ 900 Total expenses Net income $ $ $ $ 37,700 8,800

ORIOLE COMPANY Owner's Equity Statement For the Year Ended August 31, 2020 Beginning balance $ Add: Net income $ Ending balance $ 16,200 8,800 25,000

$ 10,000 10,000 500 2,500 ORIOLE COMPANY Balance Sheet As on August 31, 2020 Assets Cash $ Accounts receivable $ Supplies $ Prepaid insurance $ Equipment $ 14,300 Less: Accumulated depreciation-equipment $ (4,400) $ Total assets $ Liabilities and Owner's Equity Liabilities Accounts payable $ Salaries and wages payable $ Unearned rent revenue $ Total liabilities $ Owner's Equity Owner's capital $ $ 9,900 32,900 5,700 1,400 800 7,900 25,000 32,900