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Question(s) / Instruction(s):

32.     (Preparation of financial statements)
(Note to Instructor - The trial balance in this problem is based on the transactions for Problem 31)

Following is a trial balance for LilyRose Day Care, as of July 31, 2008, the end of its first month of business. Based on the trial balance, prepare an income statement for the month ended July 31, 2008, a statement of changes in owner's equity for the month ended July 31,2008, and a balance sheet as at July 31, 2008.

 

 

 

 

Debits

Credits

 

 

Cash

 

 

$27,400

 

 

Accounts receivable

500

 

 

Prepaid rent

2,500

 

 

Equipment

6,000

 

 

Accumulated depreciation, equipment

 

$100

 

 

Accounts payable

 

300

 

 

Salaries payable

 

240

 

 

Interest payable

 

133

 

 

Notes payable

 

20,000

 

 

L. Rose, Capital

 

10,000

 

 

Revenues

 

11,500

 

 

Operating expense

1,000

 

 

Salary expense

1,840

 

 

Utility expense

300

 

 

Interest expense

133

 

 

Rent expense

2,500

 

 

Depreciation expense

100

 

 

 

Totals

$42,273

$42,273

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