Balance Sheet
November 30, 2020
Assets
Liabilities
Cash
$2,300
Accounts payable
$500
Accounts receivable
1,250
Notes payable
500
Office furniture
$5,025
Total Liabilities
1,000
Equity
Jill Luckovich, Capital
7,575
_________
Total Assets
$8,575
Total Liabilities and Equity
$8,575
Accessibility: Keyboard Navigation
Blooms: Apply
Difficulty: Hard
Learning Objective: 01-08 Prepare financial statements reflecting business transactions.
Topic: 01-27 Balance Sheet
The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:
Accounts payable
$10,000
Office furniture
$11,000
Accounts receivable
2,250
Cohen, Withdrawals
1,000
Cash
7,000
Advertising expense
5,000
Revenues
32,000
Wages expense
10,200
Notes payable
700
Maintenance expense
11,250
Cohen, Capital
5,000
236. From the information given in reference, prepare an income statement for 2020.
Cohen’s Toy Repair Co.
Income Statement
For the Year Ended December 31, 2020
Revenue:
Revenues
$32,000
Operating Expenses:
Advertising expense
$5,000
Wage expense
10,200
Maintenance expense
11,250
$26,450
Profit
$5,550
Accessibility: Keyboard Navigation
Blooms: Apply
Difficulty: Hard
Learning Objective: 01-08 Prepare financial statements reflecting business transactions.
Topic: 01-25 Income Statement
237. From the information given in reference, prepare a statement of changes in equity for 2020.
Cohen’s Toy Repair Co.
Statement of Changes in Equity
For the Year Ended December 31, 2020
Cohen, Capital, Dec 1
$5,000
Add:
Profit
5,550
Total
$10,550
Less: Withdrawals by owner
1,000
Cohen, Capital, Dec 31
$9,550
Accessibility: Keyboard Navigation
Blooms: Apply
Difficulty: Hard
Learning Objective: 01-08 Prepare financial statements reflecting business transactions.
Topic: 01-26 Statement of Changes in Equity
238. From the information given in reference, prepare the year-end balance sheet.
Cohen’s Toy Repair Co.
Balance Sheet
December 31, 2020
Assets
Liabilities
Cash
$7,000
Accounts payable
$10,000
Accounts receivable
2,250
Notes payable
700
Office furniture
$11,000
Total Liabilities
10,700
Equity
Cohen, Capital
9,550
________
Total Assets
$20,250
Total Liabilities and Equity
$20,250
Accessibility: Keyboard Navigation
Blooms: Apply
Difficulty: Hard
Learning Objective: 01-08 Prepare financial statements reflecting business transactions.
Topic: 01-27 Balance Sheet
Charlie Inuvic started a real estate business on January 1, 2020. Data for Inuvic Realty, a sole proprietorship, at December 31, 2020, the company's year-end, is below:
Accounts payable
$5,000
Office furniture
$6,000
Accounts receivable
1,250
Inuvic, withdrawals
500
Cash
5,000
Advertising expense
7,000
Realty revenue
35,000
Wages expense
11,200
Notes payable
300
Maintenance expense
12,350
Inuvic, Capital
3,000
Inuvic Realty
Income Statement
For the Year Ended December 31, 2020
Revenue:
Realty Revenue
$35,000
Operating Expenses:
Advertising expense
$7,000
Wages expense
11,200
Maintenance expense
12,350
$30,550