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    evelyn12's Avatar
    evelyn12 Posts: 1, Reputation: 1
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    #1

    Aug 26, 2014, 04:03 PM
    Income statement and balance sheet
    The following information taken from Joseph business on December 31 that includes assets, liabilities , revenues and expenses were :
    • Insurance Expenses $4000
    • Accounts Payable $4000
    • Miscellaneous Expenses $1000
    • Accounts Receivable $5000
    • Rent Expenses $2500
    • Cash $14000
    • Salaries Expense $20000
    • Equipment $11000
    • Supplies Expense $2200
    • Notes Payable $4600
    • The business sold 25units at the price of $1600 per unit
    • Suppliers on hand $1000 ,with opening balance of $700
    • Opening owners equity $11500

    Required: a) Prepare income statement
    b)Prepare balance sheet
    paraclete's Avatar
    paraclete Posts: 2,704, Reputation: 171
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    #2

    Aug 26, 2014, 10:02 PM
    [QUOTE=evelyn12;3682541]The following information taken from Joseph business on December 31 that includes assets, liabilities , revenues and expenses were :
    • Insurance Expenses $4000
    • Accounts Payable $4000
    • Miscellaneous Expenses $1000
    • Accounts Receivable $5000
    • Rent Expenses $2500
    • Cash $14000
    • Salaries Expense $20000
    • Equipment $11000
    • Supplies Expense $2200
    • Notes Payable $4600
    • The business sold 25units at the price of $1600 per unit
    • Suppliers on hand $1000 ,with opening balance of $700
    • Opening owners equity $11500

    Required: a) Prepare income statement
    b)Prepare balance sheet[/QUOTE

    The items underlined belong in the income statement, you will need to make an adjustment in supplies on hand between the income statement and the balance sheet
    The others in the balance sheet and don't forget the changes to equity, the bottom line of the income statement]

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