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Using the information below, complete the Income Statement, Statement of Retained Earnings, and Balance Sheet for your Aunt Mildred. Be sure to include proper headers, dates, and account titles (reference page 1-29 in your textbook for proper formatting). Lastly, in the column next to each of Aunt Mildred’s accounts below, list out what type of business activity (operating,
investing, financing, or N/A) the account would fall into on the Statement of Cash Flows, if any. (chart -12 points, statements-35 points)
Chart of Accounts
Accounts Payable Accounts Receivable Cash
Display Board Expense Furniture
Inventory
Owner’s Capital Sales Revenue Space Rent Expense Supplies Expense Truck Rent Expense Utilities Payable
Other Important Information:
Amount
$ 112 50 1,650 30 125 62 1,000 1,570 45 695 60 35
Business Activity
I started my business on June 2nd by investing my own cash.
I paid cash for this great piece of furniture (reclining chair) to use while I knit!
All of my expenses were paid in cash and all the money I received from my customers
was in cash.
Hints and reminders from Accounting Instructor:
There is no common stock or dividends for Aunt Mildred’s knitting business…yet!
Pay attention to the form of Mildred’s business, use the account “Owner’s
Capital” instead of “Common Stock” when needed.
Financial Statements will only contain elements from the Chart of Accounts.
Thanks so much for helping me with all of this! I promise to write a nice letter to your accounting instructor about how much help you’ve been to me. Maybe you can be my accountant when you graduate. Good luck with the rest of your class. I’ve knitted you a pencil case for helping me out!
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