Problem 7 Lu Chang opened Chang Catering on May 1, 20X3. The adjusted trial bala

Question

Problem 7 Lu Chang opened Chang Catering on May 1, 20X3. The adjusted trial balance for May 31, 20x3, follows: Chang Catering Adjusted Trial Balance May 31, 20X3 Cash Food Inventory Prepaid Expenses Equipment Accumulated Depreciation, Equipment Accounts Payable Notes Payable Lu Chang, Capital Sales Wages Cost of Food Sold Supplies Expense Other Expenses Total $ 9,000 1,200 1,000 20,000 $ 800 2,000 15,000 10,000 20,500 7,500 5,200 800 3,600 $48,300 $ 48,300 Required: 1. Prepare an income statement. 2. Prepare a balance sheet. 3. Prepare the statement of owner's equity.

Explanation / Answer

1)

CHANG CATERING

INCOME STATEMENT

FOR THE PERIOD ENDED MAY 31,20X3

2)

CHANG CATERING

STATEMENT OF OWNERS EQUITY

FOR THE PERIOD ENDED MAY 31,20X3

3)

CHANG CATERING

BALANCE SHEET

AS ON MAY 31,20X3

CHANG CATERING

INCOME STATEMENT

FOR THE PERIOD ENDED MAY 31,20X3

Sales 20500 less:cost of food sold (5200) Gross margin 15300 less:expense wages (7500) supplies expense (800) other expense (3600) Total expense (11900) Net Income 3400

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