Question

THIS IS WHAT I GOT...

1. The trial balance for Ewan E. Paymah, CPA as of December 31, 2014 is as follows:

Cash                                                                  5,670

Accounts Receivable                                         37,100

Inventory                                                          60,500

Supplies                                                            3,930

Prepaid Rent                                                      6,000

Furniture & Fixtures                                          26,500

Accumulated depreciation                                                                       21,200

Accounts payable                                                                                   46,340

Salary payable

Interest payable

Unearned Sales Revenue                                                                         3,500

Note Payable, long term                                                                         35,000

Ewan payamh, Capital                                                                            23,680

Ewan Paymah, withdrawals                         48,000

Sales Revenue                                                                                     346,700

Sales discounts                                          10,300

Sales returns &  Allowances                        8,200

Cost of Goods sold                                   171,770

Salary Expense                                       82,750

Rent Expense                                             7,000

Depreciation Expense

Utilities Expense                                      5,800

Supplies Expense                                   2,900

                                                         ___________                                ______________

Total                                                  $476,420                                          $476,420

                                                        ___________                                 ______________

                                

Adjusting Entries

a. Supplies used during the year $2,580.00

b. Prepaid rent in force, (balance) $1000.00. $5000.00 used.

c. Unearned Sales Revenue, still not earned, $2400.00 (Adjustment : Unearned Sales Revenue is debited for $1100.00 and Revenue is credited for $1100.00)

d. Depreciation. The furniture & Fixtures’ estimated useful life is 10 years , and they are expected to be worthless when they are retired from service.

e. Accrued Salaries, $1,300.00. (Salary expense incurred and has not been paid for)

f. Accrued interest expense, $600.00.

G. Inventory on hand, $65,800.00

Required: As of December 31, 2014.

1. Ten column worksheet

2. Income Statement

3. Statement of Owners Equity

4. Balance sheet

										Ewan Co
										Worksheet
										Month Ended Dec 31, 2014
		Trial Balance				Adjustments				Adjusted Trial Balance			Income Statement			Balance Sheet
		Debit	Credit			Debit		Credit		Debit	Credit		Debit	Credit		Debit	Credit
Cash		5,670								5,670	-					5,670
Accounts Receivable		37,100								37,100	-					37,100
Inventory		60,500			g					60,500	-					60,500
Supplies		3930					a			3,930	-					3,930
Prepaid Rent		6,000					b			6,000	-					6,000
Furniture		26,500								26,500	-					26,500
Accumulated Depreciation			21,200				d	2,650		-	23,850						23,850
Accounts Payable			46,340							-	46,340						46,340
Interest Payable							f			-	-						-
Unearned Service Revenue			3,500		c	1,100				-	2,400						2,400
Note payable, long term			35,000							-	35,000						35,000
Ewan Capital			23,680							-	23,680						23,680
Ewan Drawing		48,000								48,000	-					48,000
Income Summary							g			-	-		0	0
Service Revenue			346,700				c	1,100		-	347,800			347,800
Sales Discounts		10,300								10,300	-		10,300
Sales Returns & Allowances		8,200								8,200	-		8,200
Cost of Goods Sold		171,770								171,770	-		171,770
Salary Expense		82,750			e					82,750	-		82,750
Rent Expense		7,000			b					7,000	-		7,000
Depreciation Expense					d	2,650				2,650	-		2,650
Interest Expense					f					-	-		-
Supplies Expense		2,900			a					2,900	-		2,900
Utilities Expense		5,800								5,800	-		5,800
Salaries Payable							e			-	-						-
		476,420	476,420			3,750		3,750		479,070	479,070		291,370	347,800		187,700	131,270
Totals													56,430	0		0	56,430
Net Income Ewan Accounting Services                   Income Statement                    For the Period Ending Dec. 31,2014 Operating Revenue Sales Revenue ###### Less Sales Expenses Sales Discounts     10,300 Sales Returns & Allowances       8,200 18,500 Net Sales ###### Cost of Goods Sold ###### Merchandise Inventory             - Net Cost of Goods Sold ###### Expenses Salary Expense     82,750 Rent Expense       7,000 Depreciation Expense       2,650 Interest Expense               - Supplies Expense       2,900 Utilities Expense       5,800 Net General Exxpenses ###### Total Expenses ###### Net Income Ewan Accounting Services                Income Statement                  Dec. 31,2014 Assets Current Assets Cash $5,670 Accounts Receivable     37,100 Inventory     60,500 Supplies        3,930 Prepaid Rent        6,000 Total Current Assets Total Fixed Assets Furniture 26,500 Less Accum Depr ###### Total Fixed Assets        2,650 Total Assets ####### Liabilities Wages Payable             - Accounts Payable 46,340 Interest Payable             - Unearned Service Revenue     2,400 Note payable, long term 35,000 Total Liabilities $83,740 Owner's Equity $32,110 Total Liabilities and Stockholder's Equity ####### ######													347,800	347,800		187,700	187,700

Answer 1