Requirements for Case Study 4-1

Requirements for Case Study 4-1

1. Prepare the Income Statement and the Statement of Owner’s Equity of Wintz Lawn Service from May to August 31, 2019.(30 marks) when you calculate any data in Financial Statements, please take notes after each statements.

2. Prepare the Classified Balance Sheet (report form) of Wintz Lawn Service at August 31, 2019.(20 marks)

3. Analyze the accounting data and information. how do you use financial Statements to evaluate performance? (not less than 250 words). (20 marks)

Q3 tips: you can use any data from financial statements, current ratio and ROA

Requirement 1

WINTZ LAWN SERVICE, INC.
Income Statement
Four Months Ended August 31, 2014

Revenues:
Service Revenue ¹		$？
Expenses:
Wage Expense²	$ ？
Equipment Rent Expense³	？
Supplies Expense⁴	？
Repair Expense	？
Depreciation Expense—Trailer⁵	？
Total Expenses		？
Net Income		$？

Note 1: ( + ) =

Note 2: ......

WINTZ LAWN SERVICE, INC.
Statement of Owner’s Equity
Four Months Ended August 31, 2014

Wintz, Capital, May 1, 2014	$ 0
Owner contribution	？
Net income for the year	？
	$ ？
Owner withdrawal	(？)
Wintz, Capital, August 31, 2014	$ ？

Requirement 2

WINTZ LAWN SERVICE, INC.
Balance Sheet
August 31, 2014
	$	$
Assets
Current Assets:
Cash	？
Accounts Receivable	？
Prepaid Equipment Rent
Supplies	？
Total Current Assets		$ ？
Plant Assets:
Trailer	$？
Less: Accumulated Depreciation—Trailer⁶	(？)
Total Plant Assets		？
Total Assets		$ ？

Liabilities
Current Liabilities:
Wages Payable	$？
Total Current Liabilities		$ ？

Owner’s Equity
Wintz, Capital		？
Total Liabilities and Owner’s Equity		$ ？

Note 6:

Requirement 3(not less than 250 words)

Case study 5-1

The adjusted trial balance of Budget Business Systems at March 31, 2015, follows:

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