The completed worksheet for Cantu Corporation as of December 31, 2019, after the

Question

The completed worksheet for Cantu Corporation as of December 31, 2019, after the company had completed the first month of operation, appears below CANTU CORPORATION Worksheet Month Ended December 31, 2019 Adjusted Trial Balance Income Trial Balance Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 77,400 12,200 10,500 15,600 65,000 Adiustments Statement Balance Sheet Account Name Cash Accounts Receivable Supplies Prepaid Advertising Equipment Accumulated Depreciation-Equipment Accounts Payable Selena Cantu, Capital Selena Cantu, Drawing Fees Income Supplies Expense Advertising Expense Depreciation Expense-Equipment Salaries Expense Utilities Expense Totals Net Income 77,400 12,200 6,200 10,500 2,600 15,600 65,000 77,400 12,200 4,300 13,000 65,000 1,300 12,200 108,200 1,300 12,200 108,200 1,300 12,200 108,200 7,400 7,400 7,400 86,700 86,700 86,700 6,200 2,600 1,300 6,200 2,600 1,300 17,000 2,000 6,200 2,600 1,300 17,000 2,000 17,000 2,000 207,100 207,100 10,100 10,100 208,400 208,400 29,100 86,700 179,300 121,700 57,600 86,700 86,700 179,300 179,300 57,600

Explanation / Answer

Income statment :

Net income will decrease by (57600-55000) = $2600

Revenue Fees income 86700 Expense Supplies expense 6200 Advertising expense 5200 Depreciation expense-equipment 1300 Salaries expense 17000 Utilities expense 2000 Total expense 31700 Net income 55000

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