Prepare the closing worksheet. Below is the trial balance. $ 90,000 $ 30,000 90.000 40,000 60,000...

Question

Question

Prepare the closing worksheet.

Below is the trial balance.

$ 90,000 $ 30,000 90.000 40,000 60,000 40,000 530,000 170,000 Accounts Payable Cash Contracts Payable. Unavailable Revenues D

business accounting

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Answer 1

Answer #1

Income statement

particulars	amount
revenue	760000
Total revenue	760000
expenditure	530000
total expenditure	530000
net profit/(loss)	230000

balance sheet

liabilities	amount	assets	amount
fund balance-unassigned	170000
contracts payable	90000	cash	30000
accounts payable	90000	due from capital projects funds	60000
unavailble revenues (unearned)	40000	investment	410000
due to debt service fund	40000	other financing out- transfer out	470000
other financing source- bond proceeds	300000	taxes receivable	220000
other financing sources-transfer in	50000
voucher payable	180000
profit	230000
total	1190000	total	1190000

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Answer 2

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Prepare the closing worksheet. Below is the trial balance. $ 90,000 $ 30,000 90.000 40,000 60,000...

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Prepare the closing worksheet. Below is the trial balance. $ 90,000 $ 30,000 90.000 40,000 60,000...