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In: Accounting

The account balances from the December 31, 2019, trial balance for Haman Accounting Services are shown...

The account balances from the December 31, 2019, trial balance for Haman Accounting Services are shown below.

HAMAN ACCOUNTING
Trial Balance
December 31, 2019
ACCOUNT NAME DEBIT CREDIT
Cash 6,800
Accounts Receivable 2,800
Supplies 1,800
Prepaid Rent 20,000
Equipment 19,000
Accounts Payable 9,400
Erik Haman, Capital 25,500
Erik Haman, Drawing 3,800
Fees Income 25,000
Salaries Expense 3,800
Utilities Expense 1,900
Totals 59,900 59,900
  1. Prepare an income statement for the Haman Accounting Services for the month ended December 31, 2019.
  2. Prepare a statement of owner’s equity for Haman Accounting Services for the month ended December 31, 2019.
  3. Prepare a balance sheet for Haman Accounting Services as of December 31, 2019.

Complete this question by entering your answers in the tabs below.

  • Income Statement
  • Owners Equity
  • Balance Sheet

Prepare a statement of owner’s equity for Haman Accounting Services for the month ended December 31, 2019. (Input all amounts as positive values.)

  • Income Statement
  • Owners Equity
  • Balance Sheet

Prepare an income statement for the Haman Accounting Services for the month ended December 31, 2019. (Input all amounts as positive values.)
HAMAN ACCOUNTING SERVICES
Income Statement
Month Ended December 31, 2019
Revenue
Expenses
Total expenses 0
$0
HAMAN ACCOUNTING SERVICES
Statement of Owner's Equity
Month Ended December 31, 2019
$0
HAMAN ACCOUNTING SERVICES
Balance Sheet
December 31, 2019
Assets Liabilities
Owner's Equity
Total assets $0 Total liabilities and Owner's equity $0

Solutions

Expert Solution

Preparing Income Statement, Statement of Owner's Equity and Balance Sheet:-

HAMAN ACCOUNTING SERVICES

Income Statement

For the Month Ended December 31,2019

Accounts Title Amount Amount
Fees Income $25,000
Less:- Expenses:-
Salaries Expense $3,800
Utilities Expense 1,900
Total Expenses $(5,700)
Net Income $19,300

HAMAN ACCOUNTING SERVICES

Statement of Owner's Equity

For the Month Ended December 31,2019

Accounts Title Amount
Erik Haman, Capital $25,500
Add:- Net Income 19,300
$44,800
Less:- Erik Haman, Drawing (3,800)
Erik Haman, Capital, Ending $41,000

HAMAN ACCOUNTING SERVICES

Balance Sheet

December 31,2019

Accounts Title Amount Accounts Title Amount
Assets:- Liabilities:-
Cash $6,800 Accounts Payable $9,400
Accounts Receivable 2,800
Supplies 1,800 Owner's Equity:-
Prepaid Rent 20,000 Erik Haman, Capital, Ending 41,000
Equipment 19,000
Total Assets $50,400 Total Liabilities and Owner's Equity $50,400

ekkarill92 answered 3 hours ago
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