Financial Statements
The following account balances are for Kawonza Carter, Certified Public Accountant, as of April
30, 2010.
Cash | $13,000 |
Accounts Receivable | 5,600 |
Maintenance Expense | 2,200 |
Advertising Expense | 1,800 |
Fees Earned | 19,000 |
Kawonza Carter, Capital, April 1 | ? |
Salaries Expense | 6,000 |
Equipment | 17,000 |
Accounts Payable | 6,400 |
Kawonza Carter, Drawing | 2,400 |
INSTRUCTIONS
Using the accounting equation form, determine the balance for Kawonza Carter, Capital, April 1, 2010. Prepare an income statement for the month of April, a statement of owner’s equity, and a balance sheet as of April 30, 2010. List the expenses on the income statement in alphabetical order.
Analyze: What net change in owner’s equity occurred during the month of April?
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