Sarda Electrical Servicing began operations two years ago

Its adjusted #4347

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.Required1. 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 BalanceAccounts payable $ 21,000Accounts receivable
10,500Accumulated depreciation, tools 4,500Accumulated depreciation, truck 21,000Cash
5,000Copyright 5,100Depreciation expense, tools 2,250Depreciation expense, truck
3,600Electrical fees earned 126,600Electrical supplies 19,000Insurance expense 1,275Interest
expense 900Notes receivable" 12,000Nymeth Sarda, capital 27,825Nymeth Sarda, withdrawals
61,500Notes payable, due August 31, 2016 27,000Notes payable, due June 1, 2015
2,550Prepaid insurance 1,050Prepaid rent 7,200Rent expense 21,000Salaries expense
27,000Salaries payable 3,150Tools 21,000Truck 40,500Unearned 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

ANSWER
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