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  • Exercise 4 Accounting

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    This document contains the unadjusted trial balance, adjustments, adjusted trial balance, income statement, statement of changes in equity, and statement of financial position for G. Hollanes. The income statement shows service income of $290,000 and expenses of $132,200, resulting in a net profit of $157,800. The statement of changes in equity shows an increase in owner's equity of $545,500. The statement of financial position reports total assets of $680,500, total liabilities of $135,000, and owner's equity of $545,500.

    Originalbeschreibung:

    Trial Balance to Adjusting Entries

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    This document contains the unadjusted trial balance, adjustments, adjusted trial balance, income statement, statement of changes in equity, and statement of financial position for G. Hollanes. The income statement shows service income of $290,000 and expenses of $132,200, resulting in a net profit of $157,800. The statement of changes in equity shows an increase in owner's equity of $545,500. The statement of financial position reports total assets of $680,500, total liabilities of $135,000, and owner's equity of $545,500.

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    31 Ansichten4 Seiten

    Exercise 4 Accounting

    Hochgeladen von

    nimnim
    This document contains the unadjusted trial balance, adjustments, adjusted trial balance, income statement, statement of changes in equity, and statement of financial position for G. Hollanes. The income statement shows service income of $290,000 and expenses of $132,200, resulting in a net profit of $157,800. The statement of changes in equity shows an increase in owner's equity of $545,500. The statement of financial position reports total assets of $680,500, total liabilities of $135,000, and owner's equity of $545,500.

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    © All Rights Reserved
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    von 4

    Accounts Unadjusted Trial Adjustments Adjusted Trial Income Balance sheet

    Balance Balance Statement


    Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
    Cash in Bank 320,000
    Account 54,000
    Receivable
    Estimated 1500
    Uncollectible
    Accounts
    Unused Shop 36,000
    Supplies
    Furniture and 120,000
    Fixtures
    Accumulated 48,000
    Depreciation- F/F
    Shop Equipment 250,000
    Accumulated 50,000
    Depreciation- S/E
    Accounts Payable 135,000
    G. Hollanes, 397,000
    Capital
    G. Hollanes, 10,000
    Drawing
    Service Income 290,000
    Taxes and 3200
    Licenses
    Rent Expense 18,000
    Utilities Expenses 21,000
    Salaries and 90,000
    Wages
    Total:
    STATEMENT OF COMPREHENSIVE INCOME

    Income

    Service Income 290,000

    Expenses

    Taxes and Licenses (3200)

    Rent Expense (18,000)

    Utilities Expense (21,000)

    Salaries and Wages (90,000)

    Total Expenses (132200)

    PROFIT FOR THE PERIOD 157,800

    CHANGES IN EQUITY

    G. Hollanes, Capital

    Investment during the year 397,700

    Net income for the year 157,800

    Total 555,500

    Less: Withdrawals (10,000)

    Net increase in owner’s equity 545,500

    G. Hollanes Capital, December 545,500


    STATEMENT OF FINANCIAL POSITION

    Current Assets

    Cash in bank 320,000

    Accounts Receivable 54,000

    Estimated Uncollectible Accounts (1500)

    Unused Shop Supplies 36,000

    Total Current Assets 408500

    Non-Current Assets

    Furniture and Fixtures 120,000

    Accumulated Depreciation- F/F (48,000)

    Shop Equipment 250,000

    Accumulated Depreciation- S/E (50,000)

    Total Non-Current Assets 272,000

    Total Assets 680,500

    LIABILITIES

    Current Liabilities

    Accounts Payable 135,000

    Total Current Liabilities 135,000

    Non-Current Liabilities -

    Total Liabilities 135,000

    EQUITY

    G. Hollanes, Capital 397,700

    G. Hollanes, Drawing (10,000)

    Add:Income/ Losses 157,800

    TOTAL LIABILITIES AND EQUITY 38

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