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Review the short list of account balances from data below.From the account balances, generate an income statement, a statement of owner?s equity and a balance sheet for a hypothetical small business.

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Review the short list of account balances from data below.From the account balances, generate an income statement, a statement of owner?s equity and a balance sheet for a hypothetical small business.;[Test Instrument 1];The adjusted trial balance figures for Todd?s Consulting Service follow (for October 31st, 2009).;Use these account balance figures to generate an income statement for the business for the end;of the month;Cash - $7,000;A/R - $3,500;Rent Expense - $2,000;Wage Expense - $3,000;A/P - $1,000;Service Revenue $7,500;Interest Revenue - $50;TH, Capital - $7,000;[Test Instrument 2];The adjusted trial balance figures for Todd?s Repair Service follow (for November 30th, 2009).;Use these account balance figures to generate a statement of owner?s equity for the business;for the end of the month;Cash - $6,950;Equipment - $8,000;Accumulated Depreciation - $500;Salary Expense - $900;Note Payable - $3,000;Service Revenue - $7,000;TH, Withdrawals - $650;TH, Capital - $6,000;[Test Instrument 3];The adjusted trial balance figures for Todd?s Landscaping Service follow (for December 31st;2009). Use these account balance figures to generate a balance sheet for the business for the;end of the month;Cash - $70,000;Accounts Receivable - $443,000;Building - $180,000;Equipment ? $100,000;Accumulated Depreciation (Bldg) - $40,000;Accumulated Depreciation (Equip) - $35,000;Wage Expense - $22,000;A/P - $30,000;Service Revenue - $210,000;TH, Capital - $500,000

 

Paper#80951 | Written in 18-Jul-2015

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