I need help with the information above to prepare a balance sheet, income statem

Question

I need help with the information above to prepare a balance sheet, income statement, and statement of owners equity

Beg. Trial Balance Transactions Unadjusted Trial Balance Adjustments Adjusted Trial Balance Closing Entries Post Closing Trial Balance AcctNo Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 110 Cash $2,500.00 $0.00         2,513.00         4,703.00 $310.00 $0.00 $310.00 $0.00 $310.00 $0.00 120 Accounts Receivable $2,500.00 $0.00         3,250.00         3,500.00 $2,250.00 $0.00 $2,250.00 $0.00 $2,250.00 $0.00 140 Inventory $4,200.00 $0.00 $4,200.00 $0.00            400.00 $3,800.00 $0.00 $3,800.00 $0.00 151 Prepaid Insurance $200.00 $0.00         1,200.00 $1,400.00 $0.00            200.00 $1,200.00 $0.00 $1,200.00 $0.00 161 Land $20,000.00 $0.00 $20,000.00 $0.00 $20,000.00 $0.00 $20,000.00 $0.00 162 Building $50,000.00 $0.00 $50,000.00 $0.00 $50,000.00 $0.00 $50,000.00 $0.00 165 Equipment $7,500.00 $0.00         1,950.00 $9,450.00 $0.00 $9,450.00 $0.00 $9,450.00 $0.00 166 Vehicles $8,000.00 $0.00         5,000.00 $13,000.00 $0.00 $13,000.00 $0.00 $13,000.00 $0.00 182 Acc. Dep. Building $0.00 $13,500.00 $0.00 $13,500.00         2,250.00 $0.00 $15,750.00 $0.00 $15,750.00 185 Acc. Dep. Equipment $0.00 $5,250.00 $0.00 $5,250.00         1,750.00 $0.00 $7,000.00 $0.00 $7,000.00 186 Acc. Dep. Vehicles $0.00 $2,000.00 $0.00 $2,000.00         2,000.00 $0.00 $4,000.00 $0.00 $4,000.00 200 Line of Credit $0.00 $25,000.00 $0.00 $25,000.00 $0.00 $25,000.00 $0.00 $25,000.00 210 Accounts Payable $0.00 $1,500.00         2,500.00         4,500.00 $0.00 $3,500.00 $0.00 $3,500.00 $0.00 $3,500.00 215 Interest Payable $0.00 $0.00 $0.00 $0.00            125.00 $0.00 $125.00 $0.00 $125.00 224 Sales Tax Payable $0.00 $1,100.00 $0.00 $1,100.00 $0.00 $1,100.00 $0.00 $1,100.00 230 Book Deposits $0.00 $0.00               25.00 $0.00 $25.00 $0.00 $25.00 $0.00 $25.00 241 Notes Payable $0.00 $0.00         1,700.00 $0.00 $1,700.00 $0.00 $1,700.00 $0.00 $1,700.00 310 Capital $0.00 $37,000.00         5,000.00 $0.00 $42,000.00 $0.00 $42,000.00 $6,460.00 $0.00 $48,460.00 311 Drawing $5,800.00 $0.00            850.00 $6,650.00 $0.00 $6,650.00 $0.00 $6,650.00 $0.00 401 Book Sales $0.00 $180,500.00         3,250.00 $0.00 $183,750.00 $0.00 $183,750.00 $183,750 $0.00 $0.00 405 Sales Discounts $2,500.00 $0.00               12.00 $2,512.00 $0.00 $2,512.00 $0.00 $2,512.00 $0.00 $0.00 410 Sales Returns $2,000.00 $0.00         1,000.00 $3,000.00 $0.00 $3,000.00 $0.00 $3,000.00 $0.00 $0.00 501 Book Purchases $110,900.00 $0.00         4,500.00 $115,400.00 $0.00            400.00 $115,800.00 $0.00 $115,800.00 $0.00 $0.00 505 Freight In $2,000.00 $0.00 $2,000.00 $0.00 $2,000.00 $0.00 $2,000.00 $0.00 $0.00 510 Purchase Discounts $0.00 $2,000.00               22.00 $0.00 $2,022.00 $0.00 $2,022.00 $2,022.00 $0.00 $0.00 515 Purchase Returns $2,000.00 $0.00         1,000.00 $1,000.00 $0.00 $1,000.00 $0.00 $1,000.00 $0.00 $0.00 601 Wages $20,000.00 $0.00 $20,000.00 $0.00 $20,000.00 $0.00 $20,000.00 $0.00 $0.00 611 Utilities $10,000.00 $0.00            175.00 $10,175.00 $0.00 $10,175.00 $0.00 $10,175.00 $0.00 $0.00 621 Advertising $10,000.00 $0.00            500.00 $10,500.00 $0.00 $10,500.00 $0.00 $10,500.00 $0.00 $0.00 640 Professional Fees $1,500.00 $0.00 $1,500.00 $0.00 $1,500.00 $0.00 $1,500.00 $0.00 $0.00 672 Depreciation - Building $0.00 $0.00 $0.00 $0.00         2,250.00 $2,250.00 $0.00 $2,250.00 $0.00 $0.00 675 Depreciation - Equipment $0.00 $0.00 $0.00 $0.00         1,750.00 $1,750.00 $0.00 $1,750.00 $0.00 $0.00 676 Depreciation - Vehicles $0.00 $0.00 $0.00 $0.00         2,000.00 $2,000.00 $0.00 $2,000.00 $0.00 $0.00 690 Insurance $1,000.00 $0.00 $1,000.00 $0.00            200.00 $1,200.00 $0.00 $1,200.00 $0.00 $0.00 760 Equipment Rent $1,000.00 $0.00 $1,000.00 $0.00 $1,000.00 $0.00 $1,000.00 $0.00 $0.00 770 Repairs and Maintenance $1,000.00 $0.00 $1,000.00 $0.00 $1,000.00 $0.00 $1,000.00 $0.00 $0.00 810 Interest Income $0.00 $250.00 $0.00 $250.00 $0.00 $250.00 $250.00 $0.00 $0.00 820 Interest Expense $2,500.00 $0.00            250.00 $2,750.00 $0.00            125.00 $2,875.00 $0.00 $2,875.00 $0.00 $0.00 900 Personal Property Taxes $1,000.00 $0.00 $1,000.00 $0.00 $1,000.00 $0.00 $1,000.00 $0.00 $0.00 Totals $268,100.00 $268,100.00      23,700.00      23,700.00 $280,097.00 $280,097.00         6,725.00         6,725.00 $286,222.00 $286,222.00 $186,022.00 $186,022.00 $106,660.00 $106,660.00

Explanation / Answer

Income & Expenditure To Book Purchases 115800 By Book Sales 183750 (-) Purchase Discount 2022 (-) Sales Discount 2512 (+) Purchase Returns 1000 114778 (-) Sales Returns 3000 178238 To Gross Profit 63460 Total 178238 Total 178238 To Freight 2000 By Gross Profit 63460 To Wages 20000 By Interest Income 250 To Depeciation 6000 To Utilities 10175 To Advertising 10500 To Professional Fees 1500 To Repairs & Maintenance 1000 To Rent 1000 To Interest Expense 2875 To Insurance 1200 To Net Profit 7460 Total 63710 Total 63710 Balance Sheet Capital Fixed Assets Opening Balance 42000 Land 20000 (- )Drawings 6650 Building 50000       (-) Personal Property Tax 1000 41810 (-) Dep 15750 34250 (+) Profit 7460 Equipment 9450 (-)Dep 7000 2450 Vehicles 13000 Current Liabilities (-) Dep 4000 9000 AP 3500 Current Assets Int Payable 125 Cash 310 Sales Tax Payable 1100 AR 2250 Notes Payable 1700 Inventory 3800 Line of Credit 25000 Prepaid Insurance 1200 Book Deposits 25 Total 73260 Total 73260

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