Question

Cash Accounts receivable Maintenance expense Advertising expense Fees earned Ping Chung, Capital, April 1 Salaries expense Machinery Accounts payable Ping Chung, withdrawals for April $120,000 48,000 21,400 17,060 125,200 ? 59,500 91,500 52,800 31,700 Required: Determine the balance for Ping Chung, Capital, April 1, 20X1. Prepare an income statement and a statement of owner's equity for the month ended April 30, 20X1, and a balance sheet for April 30, 20X1. Complete this question by entering your answers in the tabs below. Ping Cho thg Capital Income Statement Stmt of Owners Eaty Balance Sheet Analyze Prepare a statement of owner's equity for the month of April 30, 20X1. PING CHUNG, CERTIFIED PUBLIC ACCOUNTANT Statement of Owner's Equity Month Ended April 30, 20X1 $ 5 0 0 (income Statement Balance Sheet >

Answer 1

Requirement 1:

Trial Balance
Account title	Debit	Credit
Cash	$ 120,000
Accounts receivable	$ 48,000
Maintenance expense	$ 21,400
Advertising expense	$ 17,060
Salaries expense	$ 59,500
Machinery	$ 91,500
Fees earned		$ 125,200
Accounts payable		$ 52,800
Ping Chung, withdrawals for April	$ 31,700
Ping Chung Capital, April 1 (balance amount)		$ 211,160
Total	$ 389,160	$ 389,160

Requirement 2:

PING CHUNG, CERTIFIED PUBLIC ACCOUNTANT
Income statement
Month Ended April 30, 20X1
Revenues:
Fees earned		$ 125,200
(Less) Expenses:
Maintenance expense	$ 21,400
Advertising expense	$ 17,060
Salaries expense	$ 59,500
Total expense		$ 97,960
Net income		$ 27,240

Requirement 3:

PING CHUNG, CERTIFIED PUBLIC ACCOUNTANT
Statement of Owner's Equity
Month Ended April 30, 20X1
Capital		$ 211,160
Add: Net income	$ 27,240
Less: Withdrawls	($ 31,700)
		($ 4,460)
Owner's equity		$ 206,700

Requirement 4:

PING CHUNG, CERTIFIED PUBLIC ACCOUNTANT
Balance Sheet
As on April 30, 20X1
Assets			Liabilities
Current assets:			Current liabilities:
Cash	$ 120,000		Accounts Payable	$ 52,800
Accounts receivale	$ 48,000
Total current assets		$ 168,000	Total current liabilities		$ 52,800
Property, plant and equipment:			Owner's Equity
Machinery	$ 91,500		Owner's Equity		$ 206,700
Total property and equipment		$ 91,500
Total assets		$ 259,500	Total liabilities and owner's equity		$ 259,500