Try another version of this question The following is the adjusted trial balance of Maggie’s Music Shop. A. Take the information from Maggie's Music Shop adjusted trial balance and fill out an Income statement. B. Use the financial information from the previous financial statements to create the statement of owner's equity (also known as a statement of retained earnings). C. Use the financial information from the previous financial statements to create a Balance Sheet. Note: Use a negative sign in the Accumulated Depreciation number for the statement to calculate correctly (e.g. -5000).
Adjusted Trial Balance
January 31, 2019Accounts Debits Credits Cash 15,770 Office Supples 1,970 Prepaid Rent 970 Equipment 50,010 Accumulated Depreciation--Equipment 7,070 Accounts Payable 4,470 Salaries Payable 290 Unearned Revenue 4,470 Notes Payable (long-term) 4,750 Maggie Graph, Capital 37,510 Maggie Graph, Drawing 1,160 Service Revenue 17,760 Salaries Expense 3,650 Rent Expense 1,500 Supplies Expense 190 Depreciation Expense--Equipment 400 Utilities Expense 700 Total Single line76,320Double line Single line76,320Double line
Income Statement
For period ending January , 2019Description Amount Total Subcategory,Expenses: Single line Total Expenses Single lineSingle line Net Income Single lineDouble line
Statement of Owners Equity
For period ending January 31, 2019Description Amount Single line Single line Single line Maggie Graph, Capital January 31, 2019 Single lineDouble line
Balance Sheet
January 31, 2019Description Amount Total Group Total Subcategory,Assets Single line Single line Single line Total Assets Single lineDouble line Subcategory,Liabilities Single line Single line Total Liabilities Single line Subcategory,Equity Single line Single line Total Equity Single lineSingle line Total Liabilities + Equity Single lineDouble line
Income Statement
For period ending January , 2019Description Amount Total Service Revenue 17,760 Subcategory,Expenses: Salaries Expense 3,650 Rent Expense 1,500 Supplies Expense 190 Depreciation Expense--Equipment 400 Utilities Expense 700Single line Total Expenses Single line6,440Single line Net Income Single line11,320Double line
Statement of Owners Equity
For period ending January 31, 2019Description Amount Maggie Graph, Capital January 1, 2019 37,510 Net Income 11,320Single line Single line48,830 Maggie Graph, Drawing 1,160Single line Maggie Graph, Capital January 31, 2019 Single line47,670Double line
Balance Sheet
January 31, 2019Description Amount Total Group Total Subcategory,Assets Cash 15,770 Office Supplies 1,970 Prepaid Rent 970 Equipment 50,010 42,940Single line Accumulated Depreciation-Equipment -7,070Single line Single line Total Assets Single line61,650Double line Subcategory,Liabilities Accounts Payable 4,470 Salaries Payable 290 Unearned Revenue 4,470 Notes Payable (long-term) 4,750Single line Single line Total Liabilities Single line13,980 Subcategory,Equity Maggie Graph, Capital 47,670Single line Single line Total Equity Single line47,670Single line Total Liabilities + Equity Single line61,650Double line