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Prob. 1 1) THE UTOPIA LAUNDROMAT Work Sheet For the Year Ended October 31, 2006 Adjusted Income Balance Trial Balance Adjustments Trial Balance Statement Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. 1 Cash 4,600 4,600 4,600 1 2 Laundry Supplies 7,850 (a) 6,600 1,250 1,250 2 3 Prepaid Insurance 3,600 (b) 1,800 1,800 1,800 3 4 Laundry Equipment 120,000 120,000 120,000 4 5 Accumulated Depr. 62,700 (c) 5,500 68,200 68,200 5 6 Accounts Payable 4,100 4,100 4,100 6 7 Cecily Farner, Capital 46,450 46,450 46,450 7 8 Cecily Farner, Drawing 3,500 3,500 3,500 8 9 Laundry Revenue 96,750 96,750 96,750 9 10 Wages Expense 43,400 (d) 2,160 45,560 45,560 10 11 Rent Expense 16,400 16,400 16,400 11 12 Utilities Expense 8,500 8,500 8,500 12 13 Miscellaneous Exp. 2,150 2,150 2,150 13 14 210,000 210,000 14 15 Laundry Supplies Exp. (a) 6,600 6,600 6,600 15 16 Insurance Expense (b) 1,800 1,800 1,800 16 17 Depreciation Expense (c) 5,500 5,500 5,500 17 18 Wages Payable (d) 2,160 2,160 2,160 18 19 16,060 16,060 217,660 217,660 86,510 96,750 131,150 120,910 19 20 Net income 10,240 10,240 20 21 96,750 96,750 131,150 131,150 21 2) THE UTOPIA LAUNDROMAT Income Statement For the Year Ended October 31, 2006 Laundry revenue $ 96,750 Operating expenses: Wages expense $45,560 Rent expense 16,400 Utilities expense 8,500 Laundry supplies expense 6,600 Depreciation expense 5,500 Insurance expense 1,800 Miscellaneous expense 2,150 Total operating expenses 86,510 Net income $ 10,240 THE UTOPIA LAUNDROMAT Statement of Owner’s Equity For the Year Ended October 31, 2006 Cecily F