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 16,160 Office Supples 1,620 Prepaid Rent 970 Equipment 49,940 Accumulated Depreciation--Equipment 7,460 Accounts Payable 4,120 Salaries Payable 300 Unearned Revenue 4,470 Notes Payable (long-term) 4,650 Maggie Graph, Capital 37,440 Maggie Graph, Drawing 1,180 Service Revenue 17,780 Salaries Expense 3,550 Rent Expense 1,460 Supplies Expense 200 Depreciation Expense--Equipment 420 Utilities Expense 720 Total Single line76,220Double line Single line76,220Double 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 17,780 Subcategory,Expenses: Salaries Expense 3,550 Rent Expense 1,460 Supplies Expense 200 Depreciation Expense--Equipment 420 Utilities Expense 720Single line Total Expenses Single line6,350Single line Net Income Single line11,430Double line
Statement of Owners Equity
For period ending January 31, 2019Description Amount Maggie Graph, Capital January 1, 2019 37,440 Net Income 11,430Single line Single line48,870 Maggie Graph, Drawing 1,180Single line Maggie Graph, Capital January 31, 2019 Single line47,690Double line
Balance Sheet
January 31, 2019Description Amount Total Group Total Subcategory,Assets Cash 16,160 Office Supplies 1,620 Prepaid Rent 970 Equipment 49,940 42,480Single line Accumulated Depreciation-Equipment -7,460Single line Single line Total Assets Single line61,230Double line Subcategory,Liabilities Accounts Payable 4,120 Salaries Payable 300 Unearned Revenue 4,470 Notes Payable (long-term) 4,650Single line Single line Total Liabilities Single line13,540 Subcategory,Equity Maggie Graph, Capital 47,690Single line Single line Total Equity Single line47,690Single line Total Liabilities + Equity Single line61,230Double line