In: Accounting
Prepare T account, trial balance, balance sheet and changes in owner's equity statement.
Note:
1- Note payable
On January 29, Paid against Note payable for $ 6,200 [9000-2800] ($2800 against interest on note payable
2- Dividend
Dividend is $ 4.20 per share, total share is 6000, dividend = $ 25,200 [6000*4.20]
3- Rent expense
Rent expense for one month is $ 5000 [ 15000/3]
4- Depreciation expense- Office equipment
$ 120,000/5 *1/12 = $ 2000
5- Depreciation expense- Office building
$ 420,000/25 *1/12 = $ 1400
6- Income tax expense
Income statement has prepared for calculating income tax expense