James Wheldon owner of Wheldon Home Decorating Service has r

James Wheldon, owner of Wheldon Home Decorating Service, has requested that you prepare from the following balances (a) an income statement for June 201x, (b) a statement of owner\'s equity for June, and (c) a balance sheet as of June 30, 201X. (Click the icon to view the accounts.) (a) Prepare the income statement. Begin with the heading and then complete the rest of the statement. (If a box is not used in the income statement or has a zero balance, leave the box empty; do not select a label or enter a zero.) Wheldon Home Decorating Service Income Statement Month Ended June 30, 201X Data Table S 2,300 265 65 225 85 375 Cash S 2,000 Home Decorating Fees Accounts Receivable 800 Advertising Expense 1,025 Repair Expense Accounts Payable J. Wheldon, Capital, June 1, 201X J. Wheldon, Withdrawals 250 Travel Expense 3,090 Supplies Expense 800 Rent Expense Print Done

Solution

Answer a. Wheldon Home Decorating Service Income Statement Month Ended June 30, 201X Revenues: Home Decorating Fees          2,300.00 Expenses Advertsing Expense            265.00 Repair Expense              65.00 Travel Expense            225.00 Supplies Expense              85.00 Rent Expense            375.00 Total Expenses          1,015.00 Net Income (Loss)          1,285.00 Answer 2. Wheldon Home Decorating Service Statement of Owners\' Equity Month Ended June 30, 201X J. Wheldon, Capital , June 1, 201X        3,090.00 Net Income (Loss)        1,285.00 J. Wheldon, Withdrawls          (800.00) Retained Earnings - June 30, 2018        3,575.00 Answer 3. Wheldon Home Decorating Service Balance Sheet June 30, 201X Assets Current Assets Cash        2,000.00 Accounts Receivable            800.00 Total Current Assets          2,800.00 Property, Plant & Equipment Decorating Equipment          1,025.00 Total Assets          3,825.00 Liabilities & Owners\' Equity Liabilities Current Liabilities Accounts Payable              250.00 Long-Term Liabilities                       -   Total Liabilities              250.00 Owners\' Equity          3,575.00 Total Liabilities & Owners\' Equity          3,825.00