Financial Statements and Income Statement Worksheet

Description

Complete an income statement, a statement of owner’s equity, and a balance sheet from the trial balance. Complete the following spreadsheet: Financial Statements.

ACCT203 IP5 Financial Statements Prepare an income statement using the following information for DL Enterprises for the mont SALES REVENUE RENTAL REVENUE PRODUCT EXPENSES WAGE EXPENSES OWNER INVESTMENTS EQUIPMENT PURCHASES UTILITIES EXPENSES TAX EXPENSES 62,500 15,300 52,200 18,900 12,000 56,000 1,800 400 Solution Income Statement Total Revenue Expenses Total Expenses Net Income Prepare a statement of owner’s equity using the information provided for Pirate Landing for CASH PIRATE PETE, CAPITAL, OCT. 1 NET LOSS OCT. 2021 OWNER INVESTMENTS WAGES PAYABLE SUPPLIES EXPENSES 14,500 56,000 7,800 1,500 3,250 750 OWNER WITHDRAWALS 100 Solution Statement of Owner’s Equity Increases: Total Increases Decreases: Total Decreases Prepare a balance sheet using the following information for The Ginger Company as of March ACCOUNTS PAYABLE CASH GINGER ALE, CAPITAL, MAR. 1 INVENTORY WAGES PAYABLE SALES PRODUCT EXPENSES GINGER ALE, CAPITAL, MAR. 31 EQUIPMENT Solution Balance Sheet 1,730 11,050 17,300 8,230 2,150 13,600 8,200 22,700 7,300 Assets: Liabilities: Total Liabilities Owner’s Equity Total Assets Total Liabilities and Owner’s Equity d for Pirate Landing for the month of October 2021. ger Company as of March 31, 2021:

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