BUS3061 Unit 2 Assignment 3 Fundamentals of Accounting.DOCX

BUS3061 Unit 2 Assignment 3 Fundamentals of Accounting

As you have learned, generally accepted accounting principles (GAAP) require organizations to prepare both an income statement and a balance sheet. Before the balance sheet can be prepared, the organization's net income must be determined. This requires the accountant to pull together data from numerous system accounts and other sources of information. In this assignment, you will demonstrate your skill in putting together the necessary account data and preparing an income statement in good form.

Instructions

For this assignment, use the BUS3061 Assignment u02a3 Template (listed under Resources) to prepare an income statement

Document Preview:

BUS3061 Fundamentals of Accounting Southwest Business School Adjusted Trial Balance December 31 20XX Debit ($) Credit ($) Cash 26,000 Accounts receivable 7,500 Teaching supplies 2,600 Prepaid insurance 12,000 Prepaid rent 0 Professional library 30,000 Accumulated depreciation—Professional library 15,000 Equipment 70,000 Accumulated depreciation—Equipment 28,000 Accounts payable 36,000 Salaries payable 400 Unearned training fees 6,600 Common stock 10,000 Retained earnings 53,600 Dividends 40,000 Tuition fees earned 1,09,500 Training fees earned 42,400 Depreciation expense—Professional library 6,000 Depreciation expense—Equipment 12,000 Salaries expense 48,400 Insurance expense 3,000 Rent expense 24,000 Teaching supplies expense 7,400 Advertising expense 7,000 Utilities expense 5,600 _______ Totals $3,01,500 $3,01,500 Southwest Business School Income Statement For Year Ended December 31, 20XX BUS3061 Assignment u02a3 Template Capella Proprietary and Confidential ShortDoc_Internal.doc Last updated: 7/24/2013 10:58 AM 2 Capella Proprietary and Confidential ShortDoc_Internal.doc Last updated: 7/24/2013 10:58 AM 1
Powered by