I’m working on a accounting question and need an explanation to help me understand better.
Farm accounting is one of the most important competences for a successful farm manager. Please find attached a copy of farm-related transactions and a list of records you are asked to produce/make.
The only thing that I need is an income statement sheet using the document below. Please use word document, not excel.
ABC Farm completed the following transactions during 2020:
Jan 16: Invested Cash $400,000 & farm equipment $30,000 in the farming business.
Feb 10: Purchased land for cash $340,000.
March 5: Purchased & used seed for $20,000, fertilizer $10,000, & fuel $5,000
April 8: Purchased a farm equipment for $34,000 paying cash $10,000 and signed a note payable within five years for the remaining balance
May 15: Purchased office equipment for $2,400 and signed a note payable within three years
May 18: Paid rent for $6,000
June 19:Received cash for job completed $1,200.
June 23: Wages paid to employees $4,100.
July 1: Sold crops; $200,000 in cash and $100,000 on credit
July 25: Paid annual premium on property insurance $1,000.
July 26: Paid $1,400 towards the notes payable signed in May.
August 28: Received cash $1,400 for job completed.
August 29: Paid miscellaneous expenses $500.
August 30: Paid wages to employees $4,300.
September 1: Withdraw cash for personal use $3,000
September 10: Personal debit card used to purchase a computer to be used in the farm business $1,200
October 04: Paid $4,600 towards the notes payable signed on April 8.
Make the following reports for the ABC Farm:
- Trial Balance
- Income Statement
- Statement of Owner’s Equity
- Balance Sheet
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