From the information given below, prepare a November income statement (6 points), a November statement of owner's equity (5 points), and a November 30 balance sheet (6 points). On November 1 of the current year, Lois Bell began Lois Bell, Interior Design with an initial investment of $50,000 cash. On November 30, her records showed the following (alphabetically arranged) items and amounts.
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Accounts payable................
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$12,000
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Office furnishings...........
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$40,000
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Accounts receivable..........
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23,000
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Owner's withdrawals.......
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6,000
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Cash...........................
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17,200
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Rent expense...............
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3,600
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Fees earned...................
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30,000
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Salaries expense..........
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6,200
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Notes payable.....................
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4,250
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Telephone expense.......
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250
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LOIS BELL, INTERIOR DESIGN
Income Statement
For Month Ended November 30
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Revenue:
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Operating expenses:
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Net income............................................
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LOIS BELL, INTERIOR DESIGN
Statement of Owner's Equity
For Month Ended November 30
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Lois Bell, Capital, November 1.............................
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$ 0
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Plus: Investments by owner..................................
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Net income.....................................
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Less withdrawals by owner.........................
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Lois Bell, Capital, November 30...................
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LOIS BELL, INTERIOR DESIGN
Balance Sheet
November 30
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Assets
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Liabilities
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Total liabilities.................
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Equity
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Total assets................
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Total liabilities and
equity...........................
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