On March 1, the amount of Richard Cook's capital in Richard's Catering Company was $150,000. During March, he withdrew $31,000 from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows: Accounts payable $ 10 , 250 Accounts receivable 45 , 950 Cash 23 , 840 Fees earned 64 , 950 Insurance expense 1 , 275 Land 85 , 400 Miscellaneous expense 1 , 210 Prepaid insurance 3 , 000 Rent expense 9 , 000 Salary expense 20 , 300 Supplies 900 Supplies expense 525 Utilities expense 2 , 800 \begin{array} { l r } ext { Accounts payable } & \$ 10,250 \ ext { Accounts receivable } & 45,950 \ ext { Cash } & 23,840 \ ext { Fees earned } & 64,950 \ ext { Insurance expense } & 1,275 \ ext { Land } & 85,400 \ ext { Miscellaneous expense } & 1,210 \ ext { Prepaid insurance } & 3,000 \ ext { Rent expense } & 9,000 \ ext { Salary expense } & 20,300 \ ext { Supplies } & 900 \ ext { Supplies expense } & 525 \ ext { Utilities expense } & 2,800\end{array} Accounts payable Accounts receivable Cash Fees earned Insurance expense Land Miscellaneous expense Prepaid insurance Rent expense Salary expense Supplies Supplies expense Utilities expense $10 , 250 45 , 950 23 , 840 64 , 950 1 , 275 85 , 400 1 , 210 3 , 000 9 , 000 20 , 300 900 525 2 , 800 Present, in good form,(a) an income statement for March,(b) a statement of owner's equity for March, and(c) a balance sheet as of March 31.

Question

On March 1, the amount of Richard Cook's capital in Richard's Catering Company was $150,000. During March, he withdrew $31,000 from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows:​    Accounts payable  $ 10 , 250  Accounts receivable  45 , 950  Cash  23 , 840  Fees earned  64 , 950  Insurance expense  1 , 275  Land  85 , 400  Miscellaneous expense  1 , 210  Prepaid insurance  3 , 000  Rent expense  9 , 000  Salary expense  20 , 300  Supplies  900  Supplies expense  525  Utilities expense  2 , 800 \begin{array} { l r } 	ext { Accounts payable }  &  \$ 10,250 \	ext { Accounts receivable }  &  45,950 \	ext { Cash }  &  23,840 \	ext { Fees earned }  &  64,950 \	ext { Insurance expense }  &  1,275 \	ext { Land }  &  85,400 \	ext { Miscellaneous expense }  &  1,210 \	ext { Prepaid insurance }  &  3,000 \	ext { Rent expense }  &  9,000 \	ext { Salary expense }  &  20,300 \	ext { Supplies }  &  900 \	ext { Supplies expense }  &  525 \	ext { Utilities expense }  &  2,800\end{array}  Accounts payable   Accounts receivable   Cash   Fees earned   Insurance expense   Land   Miscellaneous expense   Prepaid insurance   Rent expense   Salary expense   Supplies   Supplies expense   Utilities expense  ​ $10 , 250 45 , 950 23 , 840 64 , 950 1 , 275 85 , 400 1 , 210 3 , 000 9 , 000 20 , 300 900 525 2 , 800 ​   Present, in good form,(a) an income statement for March,(b) a statement of owner's equity for March, and(c) a balance sheet as of March 31.

Tajrin Jahan · Accepted Answer

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