Question

The accounts of Able Computer Repair, Inc., and their normal balances at March 31, 2018, follow. The accounts anellsted in no particular order. (Click the icon to view the count bales) Read the quirements i Data Table Requirement 1. Prepare the company's trial balance al March 31, 2018, listing accounts in the proper order. Lis. the largest expense firel, the second largest experiee next, and so on. i Requirements Account Balance Able Computer Repair, Inc. Trial Balance March 31, 2018 Account 3 81.700 Credit 350 1. Prepare the company's trial balance at March 31, 2018, listing accounts in the proper ander List the largest expense first, the second largest expense next, and so on. 2. Prepare the month end financial statements: income statement, statement of retained camnings, and balance sheet. The Retained earrings balance of $9,700 is the beginning balance for the month; it has not been updated for the current month's income ar loss. 3. Was Marcha profilable month for Able Computer Repair, Inc? Why or why not? Common stack Insurance experse Accounts payable Service revenue Land Supplies expense Cash 2300 60 000 87.000 500 Print Done Salaries expanse JL IN 15.100 9,500 97.000 3.000 4.000 1,500 Building Rent expense Dividends. Llities expense Retained eaming Accounts receivable Noles payable..... Supplies 9.700 5.000 70.000 750 Print Done Tolal

Answer 1

Able Computer Repair, Inc. Trail Balance March 31st, 2018
Account	Debit	Credit
Cash	15100
Accounts Receivables	5000
Land	67000
Building	97000
Supplies	750
Accounts Payables		2300
Notes Payable		70000
Common Stock		61700
Retained Earnings		9700
Service Revenue		60000
Salaries expenses	9500
Dividend	4000
Rent Expense	3000
Liability Expense	1500
Supplies Expense	500
Insurance Expense	350
Total	203700	203700

Able Computer Repair, Inc. Income Statement For the Month Ended March 31st, 2018
Revenue:
Service Revenue		60000
Expense:
Salaries Expenses	9500
Dividend	4000
Rent Expenses	3000
Liability Expense	1500
Supplies Expense	500
Insurance Expense	350
Total Expenses		18850
Net Income		41150

Able Computer Repair, Inc. Statement of Retained Earnings For the Month Ended March 31st, 2018
Retained Earnings March 1st, 2018	9700
Add: Net Income	41150
Subtotal	50850
Less: Dividend	4000
Retained Earnings March 31st, 2018	46850

Able Computer Repair, Inc. Balance Sheet March 31st, 2018
ASSETS		​​​​​​LIABILITIES
Cash	11100	Accounts Payables	2300
Accounts Receivables	5000	Notes Payable	70000
Land	67000	Stockholders Equity
Building	97000	Common Stock	61700
Supplies	750	Retained Earnings	46850
Total Assets	180850	Total Liabilities & Stockholders Equity	180850

Yes, March 2018 is a profitable month for Able Computer Repair, Inc. Because its show a net income of 46850/- for March, 2018.