Question

LO6

(a)	An income statement containing more than one revenue account requires an additional line for each type of revenue, followed by a total amount of revenue.
(b)	A statement of owner's equity involving an additional investment requires a line for each additional investment beneath the beginning capital amount, followed by a total amount of investment.
(c)	Businesses that have more than one type of asset subject to depreciation must show a separate account for each asset on the balance sheet.

(a)	Using the following information, prepare an income statement for the month of April for Mary's Auto Repair:
	Depreciation Expense, Equipment 405 Sales Income 2,750 Repairs Income 2,125 Salary Expense 1,655 Utilities Expense 360 Rent Expense 500 Advertising Expense 210 Insurance Expense 1,100 Supplies Expense 1,250

Mary's Auto Repair
Income Statement
For Month Ended April 30, 20--
Revenue
		$
Total Revenue
Expenses:
	$
Total Expenses

(b)	Using the following information, prepare a statement of owner's equity for the month of October for Ann's Cupcakes.
	A. Gordon, Capital, on October 1 $15,750 Additional investment by A. Gordon on October 20 4,250 Net loss for the month (from income statement) 700 Total withdrawals for the month 2,100

Ann's Cupcakes
Statement of Owner's Equity
For Month Ended October 31, 20--
		$
Total Investment		$
	$
		$

(c)	Using the following information, prepare a year-end balance sheet for Lake Mills Vet Clinic as of December 31.
	Accounts Payable $ 2,575 Accumulated Depreciation, Building 90,400 Accumulated Depreciation, Equipment 56,200 Building 375,000 Cash 27,232 Equipment 102,200 Land 37,000 Supplies 250 L. Mills, Capital 392,507

Lake Mills Vet Clinic
Balance Sheet
December 31, 20--
Assets
		$
Total Assets		$
Liabilities
		$
Owner's Equity
Total Liabilities and Owner's Equity		$

Answer 1