Question

Hello, I am finish working on my worksheet for Sound Bytes Electronics and I need help with the Income Statement, Statement of Changes in Owner’s Equity and a Balance Sheet. I was wondering if you could help me?

This is the worksheet that I did:

Worksheet Credit 11.9 Account Titles 101 Bank Account Chequing 120 Accounts Receivable - 122 Merchandise Inventory 124 Store Supplies on Hand 128 Prepaid Insurance 161 Store Equipment 162 Accum Deprec Store Equip 210 Accounts Payable 220 Accrued Payables 241 HST on Sales 243 HST on Purc/Sery 261 Bank Loan Payable Long Term) 310 Capital John Stammers 315 Drawings John Stammers 401 Sales. Electronic Devices 403 Sales - Music CDs 405 Sales - Movies 407 Sales - Other 421 Sales - Returns 423 Sales - Discounts 510 Cost of Goods Sold 516 Purchase - Discounts 521 Rent Expense 523 Store Salaries Expense 627 Store Supplies Expense 529 Insurance Expense 531 Hydro and Water Expense 533 Depreciation Exp Store Equip 535 Advertising Expense 572 Miscellaneous Other Expense 574 Bank Charges/Interest Expense 576 Bookkeeping Expense Totals Name Sound Bytes Electronics Worksheet April 30, 2018 Balance Sheet & Adjusted Statement of Trial Balance Adjustments Trial Balance Income Statement Owner's Equity Debit Debit Debit Credit Debit Credit Debit Credit 4.081.20 10.0040720 1.708.00 708.00 1708.00 12,969,43 112,969.43 2.99.43 482700 128.00 450.00 354.00 29,500.00 150.00 Boo 00 300.00 29.500.00 208.00 17,550.00 29,500.00 07.1 1 808.00 IZA753.00 . SO,00 0.00 330.00 220.00 226,20 226. 20 226.20 1,157.00 157.00 6,600.00 1.157.00 ILUDO. OD 6,938.00 6600.00 3.231.00 6.938.60 693800 33.795.00 3 231. 3,231.00 33,795.00 24.901.00 33, 795.30 124,90. OD 19,850.00 24.901.00 119.850.00 19.850.00 1,005.00 0.005.00 840.00 1.005.00 940.00 $40.00 1.375.00 1.375.00 1.375.00 89.900757 39.900,57 39.900, 51 806.001 Colpo 6.000.00 Solo.co Le 000.05 3.762.00 Lo000.00 3.762.00 3.762.00 470.00 128.00 598.00 5A8.00 450.00 100.00 600.00 856.00 330.00 1,18.00 1,350.00 11 Slo. Do 208 00 1,558.00 4,040.00 1,558.00 4.040.00 HOLDS 195 00 1195.00 1195.00 262.00 10.00 272.00 272.00 400.00 400.00 400.00 113.479.20 113,479.20 19:20 826.00 2. 0 82.00 114,017,2014,017.20 60,720.57 80,357,00 3,290,43 33,60.20 119,630.431 19,630.431 180,357.00 $0,357.00 53, 290.63 53.290.63

Answer 1

			Income statement
						$	$
	Net sales				(Note:1)		77336
	Less: Net cost of goods sold				(Note:2)		39094.57
	Gross profit						38241.43
	Less: Expenses
	Rent expense					6000
	Store salaries expense					3762
	Store supplies expense					598
	Insurance expense					600
	Hydro and water expense					1186
	Depreciation Exp. Store equip					1558
	Advertising expense					4040
	Miscellaneous/Other expense					195
	Bank charges/Interest expense					272
	Bookkeeping expense					400
	Total expenses						18611
	Net income						19630.43
	Note:1
					$	$
	Sales-Electronic devices					33795
	Sales-Music CDs					24901
	Sales-Movies					19850
	Sales-Other					1005
	Total sales					79551
	Less:
	Sales-returns				840
	Sales-Discounts				1375	2215
	Net sales					77336
	Note:2
					$
	Cost of goods sold				39900.57
	Less: Purchase-Discounts				806
	Net cost of goods sold				39094.57
	Statement of changes in owner's equity
					$
	Capital John stammers,Beginning balance				6938
	Add: Net income				19630.43
					26568.43
	Less: Drawings				3231
	Capital John stammers,Ending balance				23337.43
		Balance sheet
					$	$	$
		Assets
	Current assets:
	Bank account chequing					4071.2
	Accounts receivable					1708
	Merchandise inventory					12969.43
	Store supplies on hand					354
	Prepaid insurance					300
	HST on purc/Serv				1157
	Less:HST on sales				226.2
	HST Refundable					930.8
	Total current assets						20333.43
	Property,plant and equipment (net)
	Store equipment					29500
	Less: Accum Deprec Store equipment					17758
	Store equipment (net)						11742
	Total assets						32075.43
		Liabilities and owner's equity
	Current liabilities:
	Accounts payable					1808
	Accrued payable					330
	Total current liabilities						2138
	Long-term liabilities:
	Bank loan payable						6600
	Total liabilities					A	8738
	Owner's equity:
	Capital John stammers					B	23337.43
	Total liabilities and owner's equity					A+B	32075.43