Use the following list of accounts for J. Carr's Delivery Service. Cash $11,450 Accounts Payable 4,450...
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Use the following list of accounts for J. Carr's Delivery Service.
Cash $11,450 Accounts Payable 4,450 Fees Earned 41,500 J. Carr, Capital January 1, 20-- 14,500 J. Carr, Drawing 7,000 Office Supplies 250 Rent Expense 10,000 Accounts Receivable 7,000 Equipment 6,000 Wages Expense 14,000 Repairs Expense 250 Furniture 4,500 Required:
1. Prepare an income statement for the year ended December 31, 20--.
J. Carr's Delivery Service Income Statement For the Year Ended December 31, 20-- Revenues: $ Expenses: $ Total expenses $ 2. Prepare a statement of owner's equity for the year ended December 31, 20--.
J. Carr's Delivery Service Statement of Owner's Equity For the Year Ended December 31, 20-- $ $ $ 3. Prepare a balance sheet at December 31, 20--.
J. Carr's Delivery Service Balance Sheet December 31, 20-- Assets $ Total assets $ Liabilities $ Owner's Equity Total liabilities & owner's equity $
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Homework Answers
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1. Prepare an income statement for the year ended December 31, 20--.
J. Carr's Delivery Service Income Statement For the Year Ended December 31, 20-- Revenues: Fees earned $41500 Expenses: Rent Expense $10000 Wages expense 14000 Repairs Expense 250 Total expenses 24250 Net income $17250 2. Prepare a statement of owner's equity for the year ended December 31, 20--.
J. Carr's Delivery Service Statement of Owner's Equity For the Year Ended December 31, 20-- J. Carr, Capital January 1, 20-- $14500 Net income $17250 J. Carr, Drawing -7000 Net increase in equity 10250 J.Carr Capital December 31 $24750 3. Prepare a balance sheet at December 31, 20--.
J. Carr's Delivery Service Balance Sheet December 31, 20-- Assets Cash $11450 Accounts Receivable 7000 Office supplies 250 Equipment 6000 Furniture 4500 Total assets $29200 Liabilities Account payable $4450 Owner's Equity J.Carr Capital 24750 Total liabilities & owner's equity $29200
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Use the following list of accounts for J. Carr's Delivery
Service.
Cash
$11,450
Accounts Payable
4,450...
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