Find and prepare income statement and balance sheet

Assignment Help Accounting Basics

Reference no: EM132724353

Your friend John Lock, knowing that you are a 'top gun' accounting student, has asked you to prepare a balance sheet and a statement of comprehensive income from the following information.

Items Amount ($)

Telephone expense                                       12360
Cash sales                                                  145840
Insurance expense                                           3245
Cost of supplies used to make cash sales            65450
Equipment                                                       3200
Electricity expense                                              9560
Accounts payable                                              14020
Bank overdraft                                                    2300
Wages expense                                                     38900
Land and buildings                                                 125000
Vehicles                                                                  23230
Mortgage                                                               18000
Tax Payable                                                             4500
Shareholder's equity                                                 101285
Account receivable                                                     5000

Required

Problem 1: Prepare income statement and balance sheet

Reference no: EM132724353

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