Ex 4-3 Prepare financial statements from worksheet

Worksheet data for Savaglia Company are presented below. The owner did not make any additional in

SAVAGLIA COMPANY
Worksheet (Partial)
For the Month Ended April 30, 2017

Adjusted Trial Balance

Account Titles Dr. Cr.
Cash 10,000
Accounts Receivable 7,840
Prepaid Rent 2,280
Equipment 23,050
Accumulated Depreciation - Equip 4,900
Notes Payable 5,700
Accounts Payable 4,920
Owner's Capital 27,960
Owner's Drawings 3,650
Service Revenue 15,590
Salaries and Wages Expense 10,840
Rent Expense 760
Depreciation Expense 650
Interest Expense 57
Interest Payable 57
Totals 59,127 59,127

Instructions:
Prepare an income statement, an owner's equity statement, and a classified balance sheet.
NOTE: Enter a number in cells requesting a value; enter either a number or a formula in

SAVAGLIA COMPANY
Worksheet (Partial)
For the Month Ended April 30, 2017

Adjusted Trial Balance

Account Titles Dr. Cr.
Cash 10,000
Accounts Receivable 7,840
Prepaid Rent 2,280
Equipment 23,050
Accumulated Depreciation - Equip 4,900
Notes Payable 5,700
Accounts Payable 4,920
Owner's Capital 27,960
Owner's Drawings 3,650
Service Revenue 15,590
Salaries and Wages Expense 10,840
Rent Expense 760
Depreciation Expense 650
Interest Expense 57
Interest Payable 57
Totals 59,127 59,127
Net Income
Totals

Fo
ASSETS
Cash
Account Receivable
Prepaid Rent
Equipment
Accumulated Depreciation - Equip

Total Assets
d not make any additional investments in the business in April.

GLIA COMPANY
sheet (Partial)
h Ended April 30, 2017

Income Statement Balance Sheet

Dr. Cr. Dr. Cr.

classified balance sheet.

r a number or a formula in cells with a "?" .

GLIA COMPANY
ksheet (Partial)
th Ended April 30, 2017

Income Statement Balance Sheet

Dr. Cr. Dr. Cr.
10,000
7,840
2,280
23,050
4,900
5,700
4,920
27,960
3,650
 15,590
10,840
760
650
57
57
12,307 15,590 46,820 43,537
3,283 3,283
15,590 15,590 46,820 46,820

SAVAGLIA COMPANY
Balance Sheet
For the Month Ended April 30, 2017
LIABILITIES
10,000 Notes Payable
7,840 Accounts Payable
2,280 Interest Payable
23,050 -Total Liabilities
(4,900)
EQUITY
Owner's Capital, April 30, 2017
-Total Equity

38,270 Total Liabilities + Total Equity

 SAVAGLIA COMPANY
Income Statement
For the Month Ended April 30, 2017
Revenue
Service revenue 15,590
Expense
Salaries and Wages Expense 10,840
Rent Expense 760
Depreciation Expense 650
Interest Expense 57
-Total Expense 12,307
Net Income 3,283

SAVAGLIA COMPANY
Statement Owner's Equity
 For the Month Ended April 30, 2017
Owner's Capital 27,960
Net Income 3,283
Owner's Drawings (3,650)
Owner's Capital, April 30, 2017 27,593

5,700
4,920
57
10,677

27,593
27,593

38,270