Question

Hello and good evening, I finish doing my worksheet and I need help making a income statement, balance sheet and statement of changes in owner’s equity. Would you be able to help me?

You can download the ice Spreadsheet Ws 2018 Apr Perpetual from www.nelson.com/student to complete the worksheet Sound Bytes Blectronics Worksheet for 4 months ending April 30, 2018 Adjustments Debit Trial Balance Debit 114.964900 1,017.00 7,475.00 1.045.20 600.00 628.00 354.00 600.00 29,500.00 17,100.00 1,695.00 0.00 1,387.00 841 001 546.00 439.00 1.500.00 6,955.00 6,938.00 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 Stare Equip 210 Accounts payable 220 Accued Payables 241 HST on Sales 245 HST an PureServ 261 Bank Loan Payable Long-Term 310 Capital Jahn Stammers 315 Drawing John Stammers 401 Sales Electronic Devices 403 Sales Music CDs 405 Sales-Movies 407 Sales. Other 421 Sales Retums 423 Sales Discounts 510 Cost of Goods Sold 516 Purchase - Discounts 521 Rent Expense 523 Store Salaries Expense 527 Store Supplies Spense 529 Insurance Expense 531 Hydro and Water Expense 533 Depreciation Bp Store Equip 535 Advertising Expense 572 Miscellaneous/Other Expense 574 Bank Charges/Interest Expense 576 Booleeping Expense 33,320.00 23,681.00 19,685.00 925.00 Adjusted Trial Balance Income Statement Balance Sheet Credit Debit Credit Debit Credit Debit Credit 4848001 10, 116.00 10.116.00 2,062.20 2,062.20 8,075.00 8,075.00 274.00 354.00 300.00 300.00 300.00 29,500.00 29,500.00 658.00 17.758.00 17,758.00 445.00 2.140.00 2.140.00 330.00 330.00 330.00 213.20 1,054.20 1,054.20 1.280.00 1.280.00 5.453.00 5,453.00 6,958.00 6,938.00 2.531.00 2,531.00 1.640.00 34,960.00 34.960.00 23,681.00 23.681.00 19,685.00 19,685.00 925.00 925.00 866.00 866.00 1,372.00 1,371.00 39,285.00 39,285.00 680.00 680.00 4.500.00 4,500.00 3,762.00 3,762.00 598.00 598.00 600.00 600.00 886.00 886.00 1,558.00 1,558.00 4,040.00 4,040.00 895.00 895.00 625.00 625.00 400.00 400.00 8.708.20113,604.20 113,604.2059,386.00 79.931.00 54 218 20 33.675.20 20,545.00 20.545.00 79,931.00 79.931.00 54 218 20 54.218.20 225.00 640.00 1,371.00 38,995.00 290.00 680.00 540.00 274.00 4,500.00 3,222.00 324.00 300.00 556.00 900.00 3,340.00 145.00 215.00 300.00 112,364.00 300.00 330.00 658.00 700.00 750.00 410.00 100.00 8.703.20 112,364.00 Net Income for period

Answer 1

Income statement, Balance Sheet and Statement of changes in owner’s equity is as prepared below:

Sound Bytes Electronics
Income Statement
For the Year Ended April 30, 2018
Particulars	Amount ($)	Amount ($)
Sales-Electronic Devices	34,960
Sales-Music CDs	23,681
Sales-Movies	19,685
Sales-Others	925
Less: Sales-Returns	-866
Less: Sales-Discounts	-1,371
Total Sales		$77,014
Less: Cost of goods sold	39,285
Add: Purchase discount	680
Gross profit		38,409
Less: Expenses
Rent Expense	4,500
Store Salaries Expense	3,762
Store Supplies Expense	598
Insurance Expense	600
Hydro and Water Expense	886
Depreciation Exp-Store Equ	1558
Advertising Expense	4040
Miscellaneous Expense	895
Bank Charges/Interest Expense	625
Bookkeeping Expense	400
		17,864
Net Income		20,545

Sound Bytes Electronics
Statement of owner's equity
For the Year Ended April 30, 2018
Particulars	Amount ($)	Amount ($)
Owner's Capital		6,938
Add:
Net income	20,545
Less:
Owner's drawing	2,531
Closing capital, April 30		24,952

Sound Bytes Electronics
Balance Sheet
As at April 30, 2018
Particulars	Amount ($)	Amount ($)
ASSETS
Current Assets:
Bank Account	10,116
Account Receivable	2,062
Merchandise Inventory	8,075
Store Supplies in hand	354
Prepaid Insurance	300
Total Current Assets		20,907
Store Equipment	29,500
Acc dep-Store Equipment	-17,758	11,742
Total Assets		32,649
LIABILITIES AND STOCKHOLDERS EQUITY
Liabilities :
Current Liabilities
Accounts Payable	2,140
Accrued payables	330
HST on Sales	1,054
HST on Purc/Ser	-1,280
Total Current Liabilities		2,244
Bank Loan Payable long term		5,453
Total Stockholders' Equity
Owner's capital		24,952
Total Stockholders' Equity		24,952
Total Liabilities and stockholders’ equity		32,649