The partial worksheet for the Lorado Insurance Agency for the month ended Octobe
ID: 2399949 • Letter: T
Question
The partial worksheet for the Lorado Insurance Agency for the month ended October 31,2019, is shown below. Th additional investments during the month. INCOME STATEMENT BALANCE SHEET DEBIT CREDIT DEBIT CREDIT 10,900 14,800 7,400 33,800 Canh Accounts Receivable Supplies Equipment Accum Depr.-Equip. Accounts Payable Ashleigh Lorado, Capital Ashleigh Lorado, Drawing Fees Income Salaries Expense Rent Expense Supplies Expense Depr. Exp.-Equip Totals Net Incone 9,900 9,950 41,500 3,900 32,800 16,000 2,900 1.550 2,900 23,350 32,800 70,800 61,350 9 450 32,800 32,800 70,800 70,800 statement, a statement of owner's equity, and a balance sheet for the Lorado Insurance Agency for ended October 31, 2019. Complete this question by entering your answers in the tabs below. StatementOwners Equity Balance Sheet Prepare an income statement for the Lorado Insurance Agency for the month ended October 31, 2019. Income Statement Revenue MacBook ProExplanation / Answer
Answers
Revenues:
Fees Income
$ 32,800.00
Total Revenues
$ 32,800.00
Expenses:
Salaries expenses
$ 16,000.00
Rent Expenses
$ 2,900.00
Supplies expenses
$ 1,550.00
Depr Exp Equipment
$ 2,900.00
Total Expenses
$ 23,350.00
Net Income
$ 9,450.00
Beginning Balance - Ashleigh Capital
$ 41,500.00
Net Income
$ 9,450.00
Ashleigh Lorado, Drawings
$ 3,900.00
Increase in Capital
$ 5,550.00
Ending Balance - Ashleigh Capital
$ 47,050.00
ASSETS
Cash
$ 10,900.00
Accounts receivables
$ 14,800.00
Supplies
$ 7,400.00
Equipment
$ 33,800.00
Accumulated Depreciation - Equipment
$ (9,900.00)
$ 23,900.00
Total ASSETS
$ 57,000.00
LIABILITIES & OWNER'S EQUITY
Liabilities:
Accounts Payable
$ 9,950.00
Owner's Equity:
Ending Balance - Ashleigh Capital
$ 47,050.00
Total LIABILITIES & OWNER'S EQUITY
$ 57,000.00
Revenues:
Fees Income
$ 32,800.00
Total Revenues
$ 32,800.00
Expenses:
Salaries expenses
$ 16,000.00
Rent Expenses
$ 2,900.00
Supplies expenses
$ 1,550.00
Depr Exp Equipment
$ 2,900.00
Total Expenses
$ 23,350.00
Net Income
$ 9,450.00
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