Mitchell Enterprises Adjusted Trial Balance December 31, 2015 Cash $ 26,200 Acco
ID: 2420709 • Letter: M
Question
Mitchell Enterprises
Adjusted Trial Balance
December 31, 2015
Cash
$ 26,200
Accounts Receivable
10,600
Supplies
400
Prepaid Insurance
Land
2,000
25,000
Building
54,000
Accumulated Depreciation - Building
$2,500
Accounts Payable
5,300
Unearned Revenue
6,000
Notes Payable
17,000
Common Stock
20,000
Retained Earnings (as of Jan. 1, 2015)
54,400
Dividends
1,000
Service Revenue
29,000
Salaries Expense
8,400
Rent Expense
3,600
Insurance Expense
3,000
$134,200
$134,200
Mitchell Enterprises
Income Statement
Mitchell Enterprises
Adjusted Trial Balance
December 31, 2015
Cash
$ 26,200
Accounts Receivable
10,600
Supplies
400
Prepaid Insurance
Land
2,000
25,000
Building
54,000
Accumulated Depreciation - Building
$2,500
Accounts Payable
5,300
Unearned Revenue
6,000
Notes Payable
17,000
Common Stock
20,000
Retained Earnings (as of Jan. 1, 2015)
54,400
Dividends
1,000
Service Revenue
29,000
Salaries Expense
8,400
Rent Expense
3,600
Insurance Expense
3,000
$134,200
$134,200
Explanation / Answer
you didnt gave values so,i Assume the values and prepared both income statement and balance sheet.
Income Statement for the year ended December 31, 2015 Commissions Earned 71,420 Less Expenses Salaries 23,620 Insurance 1,800 Rent Expense 4,800 Office Supplies 2,200 Utilities expense 6,600 Telephone Expense 2,800 Depreciation expense 7,000 Total Expense 48,820 Net Income / Profits 22,600 Statement of Owners Equity Mithal enterprise Capital 60,000 Less Withdrawals 25,000 35,000 Add Net Profits for the year 22,600 Total H Potter Equity 57,600 Balance Sheet as on December 31, 2015 Assets Cash 35,000 Accounts Receivable 2,250 Prepaid Expense 600 Office Equipment 30,000 Less Accumulated depreciation 7,000 23,000 60,850 Liabilities mithal enterprise Equity 57,600 Accounts Payable 2,350 Salaries Payable 900 60,850