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 15,560 Office Supples 1,680 Prepaid Rent 1,030 Equipment 50,130 Accumulated Depreciation--Equipment 6,860 Accounts Payable 4,180 Salaries Payable 260 Unearned Revenue 4,530 Notes Payable (long-term) 4,580 Maggie Graph, Capital 37,630 Maggie Graph, Drawing 1,050 Service Revenue 17,650 Salaries Expense 3,480 Rent Expense 1,460 Supplies Expense 160 Depreciation Expense--Equipment 420 Utilities Expense 720 Total Single line75,690Double line Single line75,690Double 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 17,650 Subcategory,Expenses: Salaries Expense 3,480 Rent Expense 1,460 Supplies Expense 160 Depreciation Expense--Equipment 420 Utilities Expense 720Single line Total Expenses Single line6,240Single line Net Income Single line11,410Double line
Statement of Owners Equity
For period ending January 31, 2019Description Amount Maggie Graph, Capital January 1, 2019 37,630 Net Income 11,410Single line Single line49,040 Maggie Graph, Drawing 1,050Single line Maggie Graph, Capital January 31, 2019 Single line47,990Double line
Balance Sheet
January 31, 2019Description Amount Total Group Total Subcategory,Assets Cash 15,560 Office Supplies 1,680 Prepaid Rent 1,030 Equipment 50,130 43,270Single line Accumulated Depreciation-Equipment -6,860Single line Single line Total Assets Single line61,540Double line Subcategory,Liabilities Accounts Payable 4,180 Salaries Payable 260 Unearned Revenue 4,530 Notes Payable (long-term) 4,580Single line Single line Total Liabilities Single line13,550 Subcategory,Equity Maggie Graph, Capital 47,990Single line Single line Total Equity Single line47,990Single line Total Liabilities + Equity Single line61,540Double line