Question Details

Prepare a classified statement of financial position for Dr. Gumbo- Catering Company 


The financial statement columns of the worksheet for Dr. Gumbo- Catering Company as of December 31, 2011are as follows:
DR. GUMBO’S CATERING COMPANY
Worksheet
For the Year Ended December 31, 2011
										     Statement of
	  Income Statement   	     Financial Position	
	Accounts	  Debit   	 Credit  	  Debit  	 Credit		
Cash				20,000
Accounts Receivable			6,000
Supplies			4,500
Prepaid Insurance			7,000
Equipment			50,000
Accumulated Depreciation				4,800
Copyrights			7,500
Accounts Payable				23,500
Bonds Payable (due 2015)				18,000
Share Capital-Ordinary				20,000
Retained Earnings				26,000
Dividends			4,200
Service Revenue		25,400
Salaries Expense	5,200
Depreciation Expense	4,800
Insurance Expense	5,000
Income Tax Expense	  3,500						
	Totals	18,500	25,400	99,200	92,300
Net Income	  6,900					   6,900
		25,400	25,400	 99,200	 99,200

Instructions
Prepare a classified statement of financial position for Dr. Gumbo- Catering Company.




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