A140/ACG1022 Section 14 Financial Accounting I - Winter 2013 Module 3

assignment_mod.xlsx

M3 Assignment

Module 3 Assignment:
The following are the accounts and their balances as of May 31, 2010 for Smith Construction.
Prepare the trial balance for Smith Construction as of May 31, 2010 listing the accounts in the proper order.
Prepare the Income Statement, Statement of retained earnings and balance sheet for Smith Construction as of May 31.
These statements are for the period March, April, and May. Assume retained earnings starts at a 0 blance
Account		Balance
Repair expense		1,000
cash		47,240
Tools		1,200
Accounts Payable		0
Supplies		1,500
Common Stock		41,000
Rent Expense		2,000
Equipment		24,000
Dividends		3,900
Accounts receivable		1,080
Salary Expense		10,780
Service Revenue		51,700
Retained Earnings		0
1	Prepare the trial balance for Smith Construction as of May 31 listing the accounts in the proper order.
	Smith Construction
	Trial Balance
	31-May-10
	ACCOUNT		DEBIT	CREDIT
2	Prepare the Income Statement for the period ending May 31 for Smith Construction.
	Smith Construction
	Income Statement
	For the period Ended March 1 through May 31
3	Prepare the Statement of Retained Earnings for Smith Construction for the Month of May.
	Smith Construction
	Statement of Retained Earnings
	For the period Ended March 1 through May 31
4	Prepare the Balance Sheet for Smith Construction as of May 31.
	Smith Construction
	Balance Sheet
	31-May
	ASSETS		Liabilities
			STOCKHOLDER'S EQUITY