Question

Prepare a Balance Sheet for Parker's Plowing using the following information:

Parker Plowing
Worksheet
For Month Ended January 31, 2018
	Account Tiles		Trial Balance		Adjustments		Adjusted Trial Balance		Income Statement		Balance Sheet
			Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
	Cash		4870				4870				4870
	Accounts Receivable		1500				1500				1500
	Prepaid Rent		6000			1000	5000				5000
	Snow Supplies		800			100	700				700
	Office Equipment		12600				12600				12600
	Snow Equipment		12000				12000				12000
	Accounts Payable			7000				7000				7000
	Parker Muroney, Capital			22000				22000				22000
	Parker Muroney, Withdrawls		4000				4000				4000
	Income Summary								10880			10880
	Plowing Fees			15500				15500		15500
	Salary Expense		1900		380		2280		2280
	Advertisng Expense		700				700		700
	Telephone Expense		130				130		130
			44500	44500
	Snow Supplies Expense				100		100		100
	Rent Expense				1000		1000		1000
	Depreciation Expense, Office Equipment				210		210		210
	Acc Depreciation, Office Equipent					210		210				210
	Depreciation Expense, Snow Equipment				200		200		200
	Acc Depreciation, Snow Equipment					200		200				200
	Salaries Payable					380		380				380
	Net Income				1890	1890	45290	45290	15500	15500	40670	40670

Answer 1

Parker Plowing
Balance Sheet
As at January 31, 2018
Assets
Current Assets
Cash		$    4,870.00
Accounts Receivables		$    1,500.00
Prepaid rent		$    5,000.00
Snow Supplies		$        700.00
Total Current Assets		$ 12,070.00
Snow Equipment	$ 12,000.00
Less: Accumulated Depreciation	$        200.00	$ 11,800.00
Office Equipment	$ 12,600.00
Less: Accumulated Depreciation	$        210.00	$ 12,390.00
Total Assets		$ 36,260.00
Liabilities and Owner's Equity
Liabilities
Current liabilities
Accounts Payable		$    7,000.00
Salaries Payable		$        380.00
Total Liabilities		$    7,380.00
Owner's Equity
Parker Muroney Capital	$ 22,000.00
Less: Parker Muroney Drawings	$    4,000.00
	$ 18,000.00
Add: Profit Earned	$ 10,880.00	$ 28,880.00
Total liabilities and Owner's Equity		$ 36,260.00