Question

Telegraphic Solution​'s completed worksheet at November 30​, 2018 is as​ follows:

Answer 1

Answer:

a. Complete the income statement for the month ended November 30​, 2018. ​

Telegraphic Solution​'s

Income Statement

For the month ended November 30, 2018

Service Revenue                                                       $9,600

Expenses:

• Salaries Expense $2,750
• Rent Expense 700
• Depreciation Expense-Equipment $350
• Supplies Expense 550
• Utilities Expense $700                                     ($5,050)

Net Income                                                                $4,550

b. Complete the statement of owner's equity for the month ended November 30, 2018. Assume there were no contributions made by the owner during the month.

Telegraphic Solution​'s

Statement of Owner's Equity

For the month ended November 30, 2018

Pryor, capital, November 1, 2018                    $32,900

Investments during the month                                 $0

Net income                                                         $4,550

Subtotal                                                            $37,450

Withdrawals during the month                       ($2,900)

Pryor, capital, November 30, 2018                $34,550

c. Complete the classified balance sheet as of November 30, 2018

Assets:

Current assets

Cash $4,400

Accounts receivable $3,900

Prepaid rent $1,100

Office supplies $2,550

Total current assets $11,950

Non-current assets

Equipment net $28,350

Total non-current assets $28,350

Total assets: $40,300

Liabilities and equity:

Liabilities:

Current liabilities

Accounts payable $5,100

Salaries payable $650

Total current liabilities $5,750

Equity:

Pryor, capital   $34,550

Total liabilities and equity: $40,300