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Category > Management Posted 20 Feb 2018 My Price 9.00

Nevus Company

The Nevus Company is an investigative services firm that is owned and operated by Stacey Vargas. On April 30, 2008, the end of the current fiscal year, the accountant for The Nevus Company prepared an end-of-period spreadsheet (work sheet), a part of which is shown at the top of the following page.

Instructions

1. Prepare an income statement, statement of owner’s equity (no additional investments were made during the year), and a balance sheet.

2. Journalize the entries that were required to close the accounts at April 30.

3. If Stacey Vargas, Capital decreased $35,000 after the closing entries were posted, and the withdrawals remained the same, what was the amount of net income or net loss?

The Nevus Company End-of-Period Spreadsheet (Work Sheet)

For the Year Ended April 30, 2008
 

Income Statement

Balance Sheet

Cash

    

9,000

  

Accounts Receivable

37,200

  

Supplies

    

3,500

  

Prepaid Insurance

  

4,800

  

Equipment

  

169,500

  

Accumulated Depreciation—Equipment

55,200

Accounts Payable

    

10,500

Salaries Payable

    

2,500

Unearned Rent

    

3,000

Stacey Vargas, Capital

  

142,800

Stacey Vargas, Drawing

16,000

  

Service Fees

363,000

    

Rent Revenue

7,000

    

Salary Expense

270,000

      

Rent Expense

37,000

      

Supplies Expense

8,000

      

Depreciation Expense—Equipment

7,000

      

Utilities Expense

6,400

      

Repairs Expense

6,200

      

Insurance Expense

4,800

      

Miscellaneous Expense

4,600

      
 

344,000

370,000

240,000

214,000

Net income

26,000

    

26,000
 

370,000

370,000

240,000

240,000

 

Answers

Maurice Tutor
(5)
Status NEW Posted 20 Feb 2018 06:02 PM My Price 9.00

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