Print by: William Thomas 042-1803A-AB114-01-2338269:AB114 Accounting I/Unit 5 11

Question

Print by: William Thomas 042-1803A-AB114-01-2338269:AB114 Accounting I/Unit 5 114 Homework Problem 4-3A The completed financial statement columns of the worksheet for Bray Company are shown as follows BRAY COMPANY Worksheet e Year Ended December 31, 2017 Balance Sheet Account Account Titles Dr. Cr. No. 01 112 700 700 3,500 4,300 9,200 2,200 19,200 owner's Capite Owner's Drawings I 1,100 400Service Revenue 59,800 Maintenance and Repairs Expense,800 Depreciation Expense Insurance Expense Salaries and Wages Expense Utilities Expense 622 2,900 722 726 732 29,900 1,600 38,000 59,800 56,700 34,900 21,800 59,800 59,800 56.700 56.700 Totals 21,800 Net Income Prepare an income statement. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g.(45).) BRAY COMPANY Income Statement

Explanation / Answer

Since, there are multiple parts to the question, I have answered the first four.

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Part 1)

The income statement is prepared as below:

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Part 2)

The owner's equity statement is given as follows:

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Part 3)

The classified balance sheet is prepared as follows:

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Part 4)

The closing entries are prepared as follows:

Bray Company Income Statement For the Year Ended December 31, 2017 Revenues: Service Revenue 59,800 Expenses: Salaries and Wages Expense 29,900 Utilities Expense 1,600 Insurance Expense 1,800 Depreciation Expense 2,900 Maintenance and Repairs Expense 1,800 Total Expenses 38,000 Net Income $21,800

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