This alphabetized adjusted trial balance is for GalaVu Enter

This alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2014, year-end:

The statement of changes in equity for the year ended December 31, 2014, assuming that the owner made additional investments of $12,000 during the year.

c.The balance sheet as of December 31, 2014

This alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2014, year-end:

Solution

(a) The income statement for the year ended December 31, 2014. GalaVu Entertainment income Statement for the year ended december 31,2014 Amount in $ Fee Earned 227475 Interest earned\' 200 227675 Less: Expenses Advertisement expenses 8400 depreciation Expenses Automobiles 12600 depreciation Expenses Equipment 3500 Interest expense 2900 Office Supplies Expense 12400 repairs Expense , auto mobiles 7800 Salaries Expense 75625 Wages Expense 27200 150425 Net Income 77250 (b) Statement of changes in Equity for the year ended december31 particulars Amount in $ beginning Jone conroe capital 10400 Add: Additions during the year 12000 Add: net income 77250 less: Drawings During the year -18400 Ending capital balance 81250 Beginning capital balance =Closing capital balance - Additional During the year =$22400-$12000 =$10400 GalaVu Entertainment Balance sheet as of December 31,2014 Particulars Amount in $ Amount in $ ASSETS Current Assets cash 10400 Accounts receivables 18100 Interest receivables 400 Note receivables 77000 Office Supplies 3400 Total Current Assets 109300 Automobiles 134000 Less: Accumulated depreciation 68400 65600 Equipment 62000 Less: Accumulated depreciation 19900 42100 Land 32000 249000 Liabilities & Capital Balances Current liabilities Accounts payables 43400 Interest payable 50 Salaries payables 4900 Unearned fee 10400 Total Current Liabiltiies 58750 Long term note Payable 109000 Total Liabilities 167750 John Conroe, capital 81250 Total Liabilities & Capital 249000