Question

In: Accounting

The following information has been extracted from the trial balance worksheet of Motorize IT for its...

The following information has been extracted from the trial balance worksheet of Motorize IT for its 3rd

year of operation ended November 30, 2019.

Motorize IT

Adjusted Trial Balance

November 30, 2019

ACCOUNT

DEBIT

CREDIT

Cash

$  11,000

Accumulated amortization – printing press

10,600

Accounts receivable

11,770

Accounts payable

6,789

Supplies

6,110

Sales of Software - CD’s

4,000

Prepaid insurance

1,500

Unearned consulting fees

2,897

Printing press

16,600

Amortization expense – printing press

7,500

Prepaid rent

3,130

Patents (expire 2024)

7,000

Note Receivable, due November 29, 2020

11,000

John Datan, Capital

29,777

COGS Sold – CD’s

16,000

Note Payable, due December 31, 2019

20,000

Ad consulting fee revenue

86,000

Note Payable, due August 31, 2023

13,722

Wage expense

19,200

John Datan, Withdrawals

31,000

Insurance expense

4,775

Rent expense

21,500

Supplies expense

    5,700

             

             Total

$173,785

$173,875

Required:

prepare the following financial statements for Motorize IT for the year ended November 30, 2019

  1. Income Statement                    
  2. Statement of Owner’s Equity     
  3. Balance Sheet                          

Solutions

Expert Solution

Please find the attaced sheet

Please comment for any assistance pertaining to question,

Thanks,

ekkarill92 answered 2 years ago
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