Question

In: Accounting

Answer separately: 1. The adjusted trial balance of Miller Company at December 31, 2020, includes the...

Answer separately:
1. The adjusted trial balance of Miller Company at December 31, 2020, includes the following accounts: Owner’s Capital $16,400, Owner’s Drawings $7,000, Service Revenue $39,000, Salaries and Wages Expense $16,000, Insurance Expense $2,000, Rent Expense $4,000, Supplies Expense $1,500, and Depreciation Expense $1,300. Prepare an income statement for the year.

2. Partial adjusted trial balance data for Miller Company is presented in the previous exercise. The balance in Owner’s Capital is the balance as of January 1. Prepare an owner’s equity statement for the year assuming net income is $14,200 for the year.

Solutions

Expert Solution

Miller Company
Income Statement  
For the year ended December 31, 2020,
Revenues
Service revenue           39,000
Expenses
Salaries and Wages Expense           16,000
Insurance Expense            2,000
Rent Expenses            4,000
Supplies Expenses            1,500
Depreciation Expenses            1,300
Total Expenses           24,800
Net Income             14,200
Owner’s equity statement  
Owner’s Capital as on January 01, 2020           16,400
Add: Net Income for the year           14,200
Less: Owners Drawings for the year           (7,000)
Owner’s Capital as on December 31, 2020           23,600

ekkarill92 answered 2 years ago
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