Question

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Prepare Income statement, owners equity statement and Balance sheet for the period ending January31, 2019. Sale...

Prepare Income statement, owners equity statement and Balance sheet for the period ending January31, 2019.

Sale A $12,500

Sale B $11,500

Sale C $11,000

Rent Expense $6,000

Insurance Expense $9,500

Salary Expense $4,000

Cash $118,200

Accounts receivable $300

Land $30000

Office supplies $11,400

Office equipment $6,000

Fees income $72,000

Rental Income $50,000

Tel Expenses $700

Advertising Expenses $4,500

Accounts Payable $30,000

Salary payable $4,000

Capital $7600

Withdrawals $8,000

Expert Solution

Income Statement For the period ending January31, 2019.
Sale A	$12,500
Sale B	$11,500
Sale C	$11,000
Fees income	$72,000
Rental Income	$50,000
Rent Expense	$6,000
Insurance Expense	$9,500
Salary Expense	$4,000
Tel Expenses	$700
Advertising Expenses	$4,500
Net Income	$132,300

Equity Statement
For the period ending January31, 2019.
Add:
Capital contribution/ Investment	$7,600
Net Income	$132,300
Sub Total	$139,900

Deduct:
Withdrawls	$8,000
	$131,900

Balance Sheet For the period ending January31, 2019.
Assets	Amounts
Cash	$118,200
Accounts receivable	$300
Office supplies	$11,400
Office equipment	$6,000
Land	$30,000
Total	$165,900
Liabilities
Withdrawals	$8,000
Accounts Payable	$30,000
Salary payable	$4,000
Total	$42,000
Stockholder's equity
Capital	$7,600
Total	$7,600

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