Prepare TopForm Inc.'s balance sheet and income statement for February. TopForm Inc.'s January balance sheet...
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Accounting
Prepare TopForm Inc.'s balance sheet and income statement for February. TopForm Inc.'s January balance sheet and income statement are provided in the Document section below as an example.
TopForm, Inc.
Income Statement
For the Month Ended January 31, 202x
Revenue
$6,000
Operating Expenses
Rent Expense
3,000
Advertising Expense
1,000
Depreciation Expense
400
Bad Debt Expense
300
Insurance Expense
200
Utilities Expense
200
Wage Expense
100
Supplies Expense
50
Total Operating Expenses
5,250
Pre-tax Income
750
Income Tax Expense
225
Net Income
$ 525
Earnings Per Share
$5.25
TopForm, Inc.
Balance Sheet
As of January 31, 202x
Assets
Cash
$ 26,000
Accounts Receivable, Net
5,700
Supplies
50
Prepaid Expenses
4,600
Current Assets
$ 36,350
Deposits
3,000
Equipment, net
14,000
Total Assets
$ 53,350
Liabilities and Owners Equity
Accounts Payable
$ 100
Unearned Revenue
2,400
Accrued Wages
100
Accrued Taxes
225
Total Liabilities
$ 2,825
Common Stock
50,000
Retained Earnings
525
Total Owners Equity
$ 50,525
Total Liabilities and Owners Equity
$ 53,350
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