Create income statement, cash flow statement, statement of changes in equity, ba

Question

Create income statement, cash flow statement, statement of changes in equity, balance sheet from the following adjusted trail balance:

Adjusted trial balance Account title Debit credit cash 7000 supplies 7900 prepaid insurance [12600-106000] 2000 Equipment 200000 Accumulated depreciation-equi[pment [14000+7000] 21000 Accounts payable [6800+800] 7600 wage payable 2000 Rent payable 3000 property tax payable 550 Interest payable 300 Long-term notes payable 30000 Brooks, equity 86900 Brooks, withdrawals 12000 Demolition fees earned 187000 Wage expense [41400+2000] 43400 Interest expense [3300+300] 3600 Rent expense [13200+3000] 16200 Property tax expense [9700+550] 10250 Repairs expense 4700 utilites expense [4800+800] 5600 supplies expense 8100 Insurance expense 10600 depreciation expense 7000 Total 338350 338350

Explanation / Answer

Income Statement :

Balance Sheet :

statement of changes in equity :

Due to lack of opening balance sheet, the cash flow is not posible.

Demolition fees earned $187000 Less: Expenses: Wages 43400 Interest 3600 Rent 16200 Property tax 10250 rent 4700 Utilities 5600 supplies 8100 Insurance 10600 depreciation 7000 Total Expenses 109450 Net Income $77550

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