Prepare an income statement, a statement of changes in equity, and a statement of financial position...

Prepare an income statement, a statement of changes in equity, and a statement of financial position for Norman Rae Ltd., a service business, from the items listed below for the month of October, 2018:

...... Accounts payable............................................................................. $10,000

...... Accounts receivable......................................................................... 14,000

...... Cash................................................................................................. 10,000

...... Common shares............................................................................... 28,000

...... Dividends paid.................................................................................. 6,000

...... Income tax expense......................................................................... 4,500

...... Equipment........................................................................................ 30,000

...... Supplies............................................................................................ 2,800er.

...... Supplies expense............................................................................. 3,500

...... Rent expense................................................................................... 3,000

...... Retained earnings, October 1.......................................................... 15,000

...... Salaries expense.............................................................................. 7,000

...... Service revenue............................................................................... 28,500

...... Utilities expense............................................................................... 700

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ekkarill92 answered 1 year ago

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