Question

Following is a trial balance for Songahm Taekwondo, a sole proprietorship as of July 31, 2019, the end of its first month of business. To do: Based on the trial balance, prepare an income statement, a statement of owners equity and a balance sheet as at July 31, 2019. 1 2 3 Account Title Debits Credits 4 Cash $27,400 5 Accounts receivable 500 6 Prepaid rent 2,500 7 Equipment 6,000 8 Accumulated depreciation, equipment 100 9 Accounts payable 300 10 Salaries payable 240 11 Interest payable 133 12 Notes payable 20,000 13 Taekwondo, Capital 10,000 14 Revenues 11,500 15 Operating expense 1,000 16 Salary expense 1,840 17 Utility expense 300 18 Interest expense 133 19 Rent expense 2,500 20 Depreciation expense 100 21 Totals $42,273 $42,273 22 23 Financial Statements Income Statement Type here to search HI

need statement of owners equity and if you have time, balance sheet.

Answer 1

Answers:-

SONGAHM TAEKWONDO
INCOME STATEMENT
For The period Ended 31 july, 2019
Revenue
Revenue		$11,500
Expenses
Operating Expenses	$1,000
Salary Expenses	$1,840
Utility Expenses	$300
Interest Expenses	$133
Rent Expenses	$2,500
Depreciation Expenses	$100
Total Expenses		$5,873
Net Profit		$5,627

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SONGAHM TAEKWONDO
STATEMENT OF OWNERS EQUITY
For The period Ended 31 july, 2019
Capital Introduced		$10,000
Add :-
Net Profit of current year		$5,627
Less :-
Drawings		- -
Owners Equity on 31, July 2019		$15,627

SONGAHM TAEKWONDO
BALANCE SHEET
For The period Ended 31 july, 2019
ASSET
Current Asset
Cash	$27,400
Accounts Receivable	$500
Prepaid Rent	$2,500
Total Current Asset		$30,400
Non- Current Asset
Equipment	$6,000
Less :- Depreciation	$100
Total Non- Current Asset		$5,900
Total Asset		$36,300
Owners Equity		$15,627
Liabilities
Current Term Liabilities
Accounts Payable	$300
Salaries Payable	$240
Interest payable	$133
Total Current Liabilities		$6,73
Non- Current Liabilities
NotesPayable	$20,000
Total Non- Current Liabilities		$20,000
Total Liabilities & Equity		$36,300