Question

Question 1 [60 points) 80 Judith Grimm started Weber Inc on December 1, 2014. The adjusted trial balance shown below has been prepared for Weber Inc. as of December 31, 2014 Use this information to prepare the income statement and statement of changes in equity for the month ended December 31 along with the December 31 balance sheet. Weber Inc Trial Balance December 31, 2014 Unadjusted Adjusted Trial Balance Adjustments Balance Account Dr. Cr. Dr. Cr. Dr. Cr Cash 10.770 10,770 Interest receivable 7,300 7.380 Supplies 8.440 8,440 Prepaid rent 6.300 6,200 Furniture 26,580 26.580 Accumulated depreciation, furniture Rent payable 11,090 11.000 Short-term notes payable 13.640 13.640 Property taxes payable 6,270 6,590 Uneamed consulting revenue 2.440 260 2,180 Share capital 9,580 9,580 Dividends 3,450 3.450 Retained earnings Conguing revenue samed 19,320 19.580 Commissions earned 21.120 21,120 Interest oamed 5,650 Depreciation experve, furniture Interest expense 2,580 13,790 13,890 3.210 Supplies expense 3.210 Property taxes e pense B9.110 950 89,110 | 89.700 89,700 200 7.010 select one) (select one Balance Sheet select onel XES

Answer 1

Income Statement
Revenues
Consulting Revenue	$               19,580
Commission earned	$               21,120
Interest Earned	$                  5,730
Total Revenues		$           46,430
Expenses
Depreciation Expense, furniture	$                     190
Interest Expense	$                  2,580
Rent Expense	$               13,890
Supplies Expense	$                  3,210
Property taxes Expense	$                  7,010
Total Expenses		$           26,880
Net Income		$           19,550

Statement of Changes in Equity
	Share Capital	Retained Earnings	Total
Beginning Balance	$                  9,580	$                    -	$              9,580
Add : Net income		$           19,550	$           19,550
		$           19,550	$           19,550
Less : Dividend		$             3,450	$              3,450
Ending Balance	$                  9,580	$           16,100	$           25,680

Balance Sheet
Assets
Current Assets
Cash	$               10,770
Interest Receivable	$                  7,380
Supplies	$                  8,440
Prepaid Rent	$                  6,200
Total Current Assets		$           32,790
Property, Plant and Equipment
Furniture	$               26,580
Accumulated Depreciation - Furniture	$                     190	$           26,390
Total Assets		$           59,180
Liabilities amd Stockholder's Equity
Current Liabilities
Rent Payable	$               11,090
Short term Notes Payable	$               13,640
Property Taxes Payable	$                  6,590
Unearned Consulting Revenue	$                  2,180
Total Current Liabilities		$           33,500
Stockholder's Equity
Share Capital	$                  9,580
Retained Earnings	$               16,100
Total Stockholder's Equity		$           25,680
Total Liabilities & Stockholder's Equity		$           59,180