FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Preparing financial statements from the trial balance and calculating the debt ratio

The trial balance as of July 31, 2018, for Sara Simon, Registered Dietician is presented below:

Requirements

  1. Prepare the income statement for the month ended July 31, 2018.
  2. Prepare the statement of retained earnings for the month ended July 31, 2018. The beginning balance of retained earnings was $0.
  3. Prepare the balance sheet as of July 31, 2018.
  4. Calculate the debt ratio as of July 31, 2018.
SARA SIMON REGISTERED DIETICIAN
Trial Balance
July 31, 2018
Balance
Account Title
Debit
Credit
Cash
$ 38,000
Accounts Receivable
9,000
Office Supplies
2,300
Prepaid Insurance
2,400
Equipment
16,000
Accounts Payable
$ 3,000
Unearned Revenue
3,912
Notes Payable
31,000
Common Stock
18,000
Dividends
2,800
Service Revenue
17,888
Salaries Expense
1,700
Rent Expense
1,100
Utilities Expense
500
Total
$ 73,800
$ 73,800
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Transcribed Image Text:SARA SIMON REGISTERED DIETICIAN Trial Balance July 31, 2018 Balance Account Title Debit Credit Cash $ 38,000 Accounts Receivable 9,000 Office Supplies 2,300 Prepaid Insurance 2,400 Equipment 16,000 Accounts Payable $ 3,000 Unearned Revenue 3,912 Notes Payable 31,000 Common Stock 18,000 Dividends 2,800 Service Revenue 17,888 Salaries Expense 1,700 Rent Expense 1,100 Utilities Expense 500 Total $ 73,800 $ 73,800
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