Question

The adjusted Trial Balance of Thao Company, owed by D. Thao, is as follows: THAO COMPANY Adjusted Trial Balance For the Year Ended December 31, 2018 Dr. $5,300 10,800 1,500 2,000 27,000 Account Titles Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation ---Equipment Notes Payable Accounts Payable Salaries and wages Payable Interest Payable Owner's Capital Owner's Drawings Service Revenue Advertisement Expense Supplies Expense Depreciation Expense Insurance Expense Salaries and wages Expense Interest Expense TOTAL $ 5,600 15,000 6,100 2,400 600 13,000 61,000 7,000 8,400 4,000 5,600 3,500 28,000 600 $ 103,700 $ 103,700 Required: Prepare an Income Statement, Owner's Equity Statement, and a classified Balance Sheet for the year December 31, 2018. (Note: $5,000 of the note payable becomes due in 2019). Thao did not make any additional investments in the business during the year.

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Answer 1

Income Statement
Description	($ Amount)
Revenue from operations
Service Revenue	61,000
Total Revenue	61,000
Other Costs
Salaries and Wages expense	28,000
Advertisement Expense	8,400
Supplies expense	4,000
Insurance Expense	3,500
Depreciation Expense	5,600
Interest Expense	600
Total Costs	50,100
Net Profit	10,900

Balance Sheet
Description	($ Amount)	($ Amount)
Assets
Current Asset
Cash		5,300
Accounts Receivable		10,800
Prepaid Insurance		2,000
Supplies		1,500
Non Current Asset
Equipment	27,000
less: Accumulated Depreciation	5,600	21,400
Total		41,000
Liabilities and Equity
Equity
Owner's Capital	13,000
Less: Drawings	7,000
Add: Profit	10,900	16,900
Current Liability
Salaries and Wages Payable		2,400
Interest Payable		600
Notes Payable		15,000
Accounts Payable		6,100
Total		41,000

Owner's Equity Statement
Description	($ Amount)
Owner's Capital	13,000
Less: Drawings	(7,000)
Add: Profit	10,900
Net Capital	16,900