sarda electrical servicing began operations two years ago its adjusted account balan 4373952

Sarda Electrical Servicing began operations two years ago. Its adjusted account balances at December 31, 2014, are listed alphabetically below. The owner, Nymeth Sarda, made a $20,000 investment early in the year just ended December 31, 2014. Required 1. Prepare an income statement, statement of changes in equity, and classified balance sheet based on the information provided. 2. Prepare the closing entries. 3. Prepare the post-closing trial balance. Account Account Balance Accounts payable $ 21,000 Accounts receivable 10,500 Accumulated depreciation, tools 4,500 Accumulated depreciation, truck 21,000 Cash 5,000 Copyright 5,100 Depreciation expense, tools 2,250 Depreciation expense, truck 3,600 Electrical fees earned 126,600 Electrical supplies 19,000 Insurance expense 1,275 Interest expense 900 Notes receivable” 12,000 Nymeth Sarda, capital 27,825 Nymeth Sarda, withdrawals 61,500 Notes payable, due August 31, 2016 27,000 Notes payable, due June 1, 2015 2,550 Prepaid insurance 1,050 Prepaid rent 7,200 Rent expense 21,000 Salaries expense 27,000 Salaries payable 3,150 Tools 21,000 Truck 40,500 Unearned electrical fees 5,250 •Assume all account balances are normal. **$2,000 of the note is due September 15, 2015. Analysis Component: Refer to the chapter opening vignette. Kirk Stinchcombe financed growth by reinvesting profits. Is Nymeth Sarda, the owner of Sarda Electrical Servicing, following a similar practice? Explain. View Solution:
Sarda Electrical Servicing began operations two years ago Its adjusted

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