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In: Accounting

The account balances from the December 31, 2019, trial balance for Haman Accounting Services are shown...

The account balances from the December 31, 2019, trial balance for Haman Accounting Services are shown below.

HAMAN ACCOUNTING
Trial Balance
December 31, 2019
ACCOUNT NAME DEBIT CREDIT
Cash 7,500
Accounts Receivable 3,500
Supplies 2,500
Prepaid Rent 16,000
Equipment 15,000
Accounts Payable 9,600
Erik Haman, Capital 23,500
Erik Haman, Drawing 4,500
Fees Income 23,000
Salaries Expense 4,500
Utilities Expense 2,600
Totals 56,100 56,100
  1. Prepare an income statement for the Haman Accounting Services for the month ended December 31, 2019.
  2. Prepare a statement of owner’s equity for Haman Accounting Services for the month ended December 31, 2019.
  3. Prepare a balance sheet for Haman Accounting Services as of December 31, 2019.

Solutions

Expert Solution

Answer-

HAMAN ACCOUNTING
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31,2019
PARTICULARS AMOUNT
$
Revenues 23000
Fess income 23000
Less-Expenses
Salaries expense 4500
Utilities expense 2600
Total expenses 7100
Net Income 15900
HAMAN ACCOUNTING
STATEMENT OF OWNER'S EQUITY
FOR THE YEAR ENDED DECEMBER 31,2019 Amount
$
Henry Capital, December 31 prior year end 23500
Add- Net income 15900
Less- Drawings 4500
Henry Capital, December 31 Current year end 34900
HAMAN ACCOUNTING
CLASSIFIED BALANCE SHEET
DECEMBER 31,2019
Assets Amount
$
Current Assets 29500
Cash 7500
Accounts receivable 3500
Supplies 2500
Prepaid rent 16000
Non Current Assets
Equipment 15000
Total Assets 44500
Liabilities
Current liabilities
Accounts payable 9600
Owners's capital account 34900
Total liabilities and capital 44500

ekkarill92 answered 1 year ago
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