The accounts of Wellington Electronics Repair, Inc., follow with their normal ba

Question

The accounts of Wellington Electronics Repair, Inc., follow with their normal balances at October 31, 2016. The accounts are isted in no particular order (Click the icon to view the account balances ) Read the requirements Requirement 2. Prepare the month end financial statements: income statement, statement of nelained eamings, and balance sheet. The retained earnings balance of$14,840 the beginng balance for the month. it has not been updatedfor te arent mom's net ncome or loss Start by preparing the income statement. (Use parentheses or a minus sign for a loss Welington Electronics Repair, Inc. Income Statement For the Month Ended October 31, 2016 Revenue: Expenses: Total Expenses Net income (loss) Prepare the statement of retained earmings Wellington Electronics Repair, Inc. Statement of Retained Earnings For the Month Ended October 31, 2016 Subtract Subtotal Less Prepare the balance sheet Start with the asset portion of the statement, and then complete the labilities and stockholders' equity sections of the statement. (of a box not used in the staterment, le.ve the box empty. do not select a label or erter zero Wellington Electronics Repair, Inc. Balance Sheet October 31, 2016 Assets Total iabilies Total stockholders equity Total assets Requirement 3. Was it a profeable month for Wellington Electronics Computer Repair, Inc.? Why or why not? Va profitable morth as apparent from the Choose from any list or enter any number in the input fields and then contiue to the next question

Explanation / Answer

Part 1 - Presentation of Income statement

Wellington Electronics Repairs Inc

Income Statement

For the month ended october, 2016

Part 2 - Statement of retained earnings

Wellington electronics repairs Inc

Statement of retained earnings

For the month ended october, 2016

Part 3 - Presentation of balance sheet

Wellington electronics repairs Inc

Statement of retained earnings

October 31, 2016

Particulars Revenue $7750 Service revenue Expenses Insurance expenses $225 Supplies expenses $480 Salary expenses $5200 Rent expenses $2400 Utilities expenses $535 Total expenses $8840 Net Income / (loss) ($1090)

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