Completion of Financial Statements 10 points Diaz Consulting Services Adjusted T

Question

Completion of Financial Statements 10 points Diaz Consulting Services Adjusted Trial Balance 12/31/16 1,500 Accounts Receivable Prepaid Ins. Accumulated Depreciation Accounts Payable 1,000 400 150 Diaz, Capital, 1/1/16 Withdrawals Service Revenue Rent Revenue Salaries Expense 700 1800 Utility Expense 150 Depreciation Expense Using the adjusted trial balance above, please prepare the following: 1. Income Statement 2. Statement of Owner's Equity 3. Balance Sheet Please date each statement correctly.

Explanation / Answer

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2.

3.

Diaz Consulting Services Income Statement For the Year Ended December 31, 2016 Revenue Service revenue 1800 Rent revenue 250 Total revenues 2050 Expenses Salaries expense 350 Utility expense 150 Depreciation expense 200 Total expenses 700 Net income 1350

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