The following is a list of balances of speed copying service as of december 31,2007, which is owned and operated by Demi Estrella
Accounts
cash.......................................1,6500
supplies .................................3,000
Depreciation expense...............5,000
Copying Machines....................60,000
Accounts Payable....................10,000
Bank loan due july 2009............50,000
Estrella, Capital, Jan 1, 2007.....120,000
Accounts Receivable..................5,000
Estrella Drawings.......................14,500
Service Fee Revenues.................130,000
Salaries Expense........................75,000
Rent Expense.............................90,000
Supplies Expense........................35,000
Utilities Expense..........................12,500
Accumulated Depreciation.............5,000
Utilities payable.............................1,500
REQUIRED: Prepare an income statement, a statement of owner's equity and a detailed balance sheet for Speed Copying Service
cash 16500
utilities payable 1500
rent e expense 90000
Accounts
cash.......................................1,6500
supplies .................................3,000
Depreciation expense...............5,000
Copying Machines....................60,000
Accounts Payable....................10,000
Bank loan due july 2009............50,000
Estrella, Capital, Jan 1, 2007.....120,000
Accounts Receivable..................5,000
Estrella Drawings.......................14,500
Service Fee Revenues.................130,000
Salaries Expense........................75,000
Rent Expense.............................90,000
Supplies Expense........................35,000
Utilities Expense..........................12,500
Accumulated Depreciation.............5,000
Utilities payable.............................1,500
REQUIRED: Prepare an income statement, a statement of owner's equity and a detailed balance sheet for Speed Copying Service
cash 16500
utilities payable 1500
rent e expense 90000