The trial balance for Game Time on July 31 is as follows: Game Time Trial Balance...

The trial balance for Game Time on July 31 is as follows:

Game Time
Trial Balance
July 31, 20--
Account Name	Debit	Credit
Cash	14,721
Supplies	257
Prepaid Insurance	1,295
Equipment	17,642
Accumulated Depreciation, Equipment		2,287
Repair Equipment	1,265
Accumulated Depreciation, Repair Equipment		880
Accounts Payable		942
B. Ryan, Capital		23,871
B. Ryan, Drawing	2,000
Game Fees		7,954
Concession Fees		3,752
Wages Expense	1,068
Rent Expense	980
Utilities Expense	246
Repair Expense	180
Miscellaneous Expense	32
	39,686	39,686

Data for month-end adjustments are as follows:

Expired or used-up insurance, $480.
Depreciation expense on equipment, $850.
Depreciation expense on repair equipment, $120.
Wages accrued or earned since the last payday, $525 (owed and to be paid on the next payday).
Supplies used, $70.

Prepare a balance sheet.

Game Time
Balance Sheet
July 31, 20--
Assets
Cash		$
Supplies
Prepaid Insurance
Equipment	$
Less Accumulated Depreciation
Repair Equipment	$
Less Accumulated Depreciation
Total Assets		$
Liabilities
Accounts Payable	$
Wages Payable
Total Liabilities		$
Owner's Equity
B. Ryan, Capital
Total Liabilities and Owner's Equity		$

Prepare a statement of owner's equity. Assume that no additional investments were made during July. If an amount is zero, enter "0".

Game Time
Statement of Owner's Equity
For Month Ended July 31, 20--
B. Ryan, Capital, July 1, 20--		$
Investments during July	$
Net Income for July
Subtotal	$
Less Withdrawals for July
Increase in Capital
B. Ryan, Capital, July 31, 20--		$

Expert Solution

Game Time
Balance Sheet
July 31, 20--
Assets
Cash		$ 14,721
Supplies [257-70]		$ 187
Prepaid Insurance [1295-480]		$ 815
Total current assets			$ 15,723
Non-current assets:
Equipment	$ 17,642
Less: Accumulated Depreciation [2287+850]	$ -3,137	$ 14,505
Repair Equipment	$ 1,265
Less: Accumulated Depreciation [880+120]	$ -1,000	$ 265
Total non current assets			$ 14,770
Total Assets			$ 30,493
Liabilities & Owner's equity
Accounts Payable		$ 942
Wages Payable		$ 525
Total current liabilities			$ 1,467
Owner's Equity:
B. Ryan, Capital			$ 29,026
Total Liabilities and Owner's Equity			$ 30,493

Statement of Owner's Equity
For Month Ended July 31, 20--
B. Ryan, Capital, July 1, 20--		23871
Investments during July	$ -
Net Income for July	$ 7,155
Subtotal	$ 7,155
Less Withdrawals for July	$ 2,000
Increase in Capital		$ 5,155
B. Ryan, Capital, July 31, 20--		$ 29,026
WORK SHEET:
Income statement
Revenue:
Game fees	$ 7,954
Concession fees	$ 3,752
Total revenues		$ 11,706
Expenses:
Supplies expense	$ 70
Insurance expense	$ 480
Depreciation expense-Equipment	$ 850
Depreciation expense-Repair equipment	$ 120
Wages expense [1068+525]	$ 1,593
Rent expense	$ 980
Utilities expense	$ 246
Repair expense	$ 180
Miscellaneous expense	$ 32
Total expenses		$ 4,551
Net income		$ 7,155

ekkarill92 answered 3 years ago

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