From the following trial balance of Helms Cleaners in Figure

From the following trial balance of Helm\'s Cleaners in Figure 2.6, prepare the following for May (20 min) LO3 2B-5. Statement of owner\'s equity .Balance sheet FIGURE 2.6 TRIAL BALANCE MAY 31, 201x Cr Dr 3000 9 100 29000 14000 42 000 12 500 970 0 7200 157 200

Solution

Prepare income statement :

Statement of owner\'s equity :

Balance sheet :

REVENUE
Cleaning fees		42000
EXPENSES :
Salaries expenses	(12500)
Utilities expenses	(9700)	(22200)
NET INCOME		19800