create (A) an income statement for march (b)A statement of owner's equity for March. and (c) A balance sheet as of March 31.

Question

On March 1, the amount of Richard Cook's capital in Richard's Catering Company was $150,000. During March, he withdrew $31,000 from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows:

Accounts	Amounts
Accounts payable	$10,250
Accounts receivable	45,950
Cash	23,840
Fees earned	64,950
Insurance expense	1,275
Land	85,400
Miscellaneous expense	1,210
Prepaid insurance	3,000
Rent expense	9,000
Salary expense	20,300
Supplies	900
Supplies expense	525
Utilities expense	2,800

Present, in good form:

Answer 1

Hi Hope,

Please see below for answers. Don't hesitate to contact me if you have any questions.

Income Statement:

Revenues:

Fees Earned 64,950

Total Revenues 64,950

Expenses:

Insurance expense 1,275

Miscellaneous expense 1,210

Rent expense 9,000

Salary expense 20,300

Supplies expense 525

Utilities Expense 2,800

Total Expenses 35,110

Net Income 29,840

Statement of Owner's Equity

Beginning Capital (March 1) 150,000

Net Income 29,840

Withdrawing (31,000)

Ending Capital (March 31) 148,840

Balance Sheet

Assets

Cash 23,840

Accounts Receivable 45,950

Prepaid Insurance 3,000

Supplies 900

Land 85,400

Total Assets 159,090

Liabilities

Accounts Payable 10,250

Total Liabilities 10,250

Shareholder's Equity

Richard Cook's Capital 148,840



Total Shareholder's Equity 148,840

Total Liabilities and Shareholder's Equity 159,090