Fill This Form To Receive Instant Help
Fill This Form To Receive Instant Help
Homework answers / question archive / Prepare the income statement for the month ended July 31, 2024
Prepare the income statement for the month ended July 31, 2024. (if a box is not used in the statement, leave the box empty: do not select a label or enter a zero.) Sarah Silk, Registered Dietician Income Statement Month Ended July 31, 2024 Sarah Silk, Registered Dietician Trial Balance July 31, 2024 Balance Account Title Debit Credit Cash $ 36.000 9.100 1,500 2,900 Net Income Accounts Receivable Office Supplies Prepaid Insurance Equipment Accounts Payable Unearned Revenue Notes Payable 23,000 S 3,200 Requirement 2. Prepare the statement of owner's equity for the month ended July 31, 2024. The beginning balance of Silk, Capital was $0 and the owner contributed $24,000 during the month. Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal. (Complete all answer boxes. Enter a "0" for any zero balances.) 9.950 26.000 24,000 Sarah Silk, Registered Dietician Statement of Owner's Equity Month Ended July 31, 2024 Silk, Capital, July 1, 2024 Silk, Capital Silk, Withdrawals 2.000 13,450 Service Revenue Salaries Expense 1,400 Rent Expense 500 200 Utilities Expense $ 76,600 $ 76,600 Total Silk, Capital, July 31, 2024 Requirement 3. Prepare the balance sheet as of July 31, 2024. (If a box is not used in the statement, leave the box empty: do not select a label or enter a zero.) -X ? Requirements Sarah Silk, Registered Dietician Balance Sheet July 31, 2024 Assets Liabilities 1. Prepare the income statement for the month ended July 31. 2024. 2. Prepare the statement of owner's equity for the month ended July 31. 2024. The beginning balance of Silk, Capital was 50 and the owner contributed $24.000 during the month 3. Prepare the balance sheet as of July 31, 2024. 4. Calculate the debt ratio as of July 31, 2024. Print Done Owner's Equity
1)
| Sarah Silk, Registered Dietician | ||
| Income Statement | ||
| Month Ended July 31, 2024 | ||
| Revenues: | ||
| Service revenue | $13,450 | |
| Expenses: | ||
| Salaries expense | 1,400 | |
| Rent expense | 500 | |
| Utilities expense | 200 | |
| Total expenses | 2,100 | |
| Net income | $11,350 | |
2)
| Sarah Silk, Registered Dietician | |
| Statement of Owners' Equity | |
| Month Ended July 31, 2024 | |
| Silk, Capital, July 1, 2024 | $0 |
| Add: Owners' contribution | 24,000 |
| Net income | 11,350 |
| 35,350 | |
| Less: Silk, Withdrawals | -2,000 |
| Silk, Capital, July 31, 2024 | $33,350 |
3)
| Sarah Silk, Registered Dietician | |||
| Balance Sheet | |||
| July 31, 2024 | |||
| Assets | Liabilities | ||
| Cash | $36,000 | Accounts payable | $3,200 |
| Accounts receivable | 9,100 | Unearned revenue | 9,950 |
| Office supplies | 1,500 | Notes payable | 26,000 |
| Prepaid insurance | 2,900 | Total liabilities | 39,150 |
| Equipment | 23,000 | Owners' Equity | |
| Silk, Capital, July 31, 2024 | 33,350 | ||
| Total assets | $72,500 | Total liabilities and owners' equity | $72,500 |
