use the information to fill out the income statement and balance sheet columns.

Question

use the information to fill out the income statement and balance sheet columns.

10-.. ,ka": · @wrap Text Accent4 B 1 u . . e, . . Merge & Center . | $ , % , .00 .0 i Conditional Format as| Comma Comma (0] Currency Format Painter Formatting Table Font O UPDATES AVAILABLE Updates for Office are ready to be installed, but first we need to close some apps Update now Trial Balance Balance Sheet Income Statement Debit Adjustments Adjusted Trial Balance Debit $ 9,215.00 S 3,250.00 $ 120000 Credit Credit Debit Credit 71 101 Cash $ 9,215 00 102 Accounts Receivable 3 Prepaid Insurance 100.00 1,100 00 10 4 104 Gas and Oil S 100.00 $100.00 $ 10,600.00 12- Equipment 3 L 107 Accumulated Depreciation-Equipment $ 10 600.00 $300.00 $ 4,350.00 $15,000.00 S150 00 S 200.00 S 5,000.00 $300.00 14 8201 Accounts 15 9 202 Notes 16 10 203 Interest 17 11 204 Unearmed Revenue 18 12 301 Roberts Capital $ 4,350 00 $ 15,000 00 S150 00 $ 600 00 40000 $ 5,000 00 19 13 302 Roberts Withdraw 20 14 401 Revenue S 1,500 00 $ 1,500.00 $ 3750 00 $ 4.150.00 15 501 Advertising Expense $ 800.00 $185.00 $ 800 00 $ 185.00 $10000$ 500.00 $ 100 00 $ 920.00 $ 430.00 $ 150.00 S 300.00 22 16 23 17 503 Gas and E 24 18 504 Insurance 502 Milage Expense Gas and Ol Expense $ 100 00 $ 920 00 S 430.00 505 Supplies Expense 26 20 506 Phone 27 21 507 Inerest 28 22 508 Depreciation Expense 29 Totals 0Net Income/(Loss) $150 00 $300.00 28,700 00 S 28,70000 S 105000 105000 S 29,150.00 29,150 00 s Journal Accounts Unadjusted Trial Balance Worlsheet Adjusted Tiai Balance Financil Statements Post Closing Triai BalanceBani ype here to search

Explanation / Answer

Income statement:

Revenues and Gains:

Revenue

                4,150

Less: Expenses

Advertising expense

                 (800)

Mileage expense

                 (185)

Gas and oil expense

                 (500)

Insurance expense

                 (100)

supplies expense

                 (920)

Phone expense

                 (430)

internet expense

                 (150)

Depreciation expense

                 (300)

Net income

                   765

Balance sheet:

Assets:

Current assets:

Cash

            9,215

Accounts receivable

            3,250

Prepaid insurance

            1,100

Gas and oil

               100

Total current assets:

         13,665

Fixed assets:

equipment

             10,600

Less: Accumulated dep.- equipment

                 (300)

         10,300

Total Assets:

         23,965

Liabilities and owners equity:

liabilities:

Accounts payable

            4,350

Notes payable

         15,000

Interest payable

               150

Unearned revenue

               200

Total liabilities

         19,700

Owners equity:

Robert capital

                5,000

Less: Robert withdrawal

             (1,500)

            3,500

Retained earnings (net profit)

               765

Total liabilities and owners equity:

         23,965

Revenues and Gains:

Revenue

                4,150

Less: Expenses

Advertising expense

                 (800)

Mileage expense

                 (185)

Gas and oil expense

                 (500)

Insurance expense

                 (100)

supplies expense

                 (920)

Phone expense

                 (430)

internet expense

                 (150)

Depreciation expense

                 (300)

Net income

                   765

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