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The adjusted, pre-closing trial balance appears below for B. Counter, CPA, a sole proprietorship, at December...

The adjusted, pre-closing trial balance appears below for B. Counter, CPA, a sole proprietorship, at December 31, 2020. Accounts are listed in alphabetical order.

ACCOUNTS DR CR

Accounting Revenue (Income) 1,500 CR

Accounts Payable 8,700 CR

Accounts Receivable 500 DR

Buildings & Equipment 5,000 DR

Capital, January 1, 2020 12,900 CR

Cash (checking account) 4,100 DR

Insurance Expense 400 DR

Land 9,000 DR

Owner Withdrawals (Drawing) 1,000 DR

Prepaid Insurance Expense 800 DR

Supplies Expense 200 DR

Supplies on Hand 700 DR

Unearned Accounting Revenue 400 CR

Utilities Expense 400 DR

Wages Expense 1,400 DR

Totals 23,500 (debits) 23,500 (credits)

From the adjusted trial balance above, answer the questions below. Note that your best approach is to first prepare the three financial statements in a methodical and careful manner.

Questions:

1. What are total (gross) revenues on the 2020 income statement?

2. What are total expenses on the 2020 income statement?

3. What are total assets on the 12/31/20 balance sheet?

4. What are total liabilities on the 12/31/20 balance sheet?

5. True or False: If the goal of the business owner is to increase the equity in the business, the trend in the capital account is positive for the year.

Solutions

Expert Solution

The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.

ekkarill92 answered 1 year ago
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