Question

Prepare an income statement using the following information for DL Enterprises for the month of July 2018.

Sales revenue	$64,000
Rental revenue	15,300
Product expense	52,400
Wages expense	18,800
Owner investment	12,000
Equipment purchases	56,000
Utilities expense	1,800
Taxes expense	500

DL Enterprises
Income Statement
For the Month Ended July 31, 2018
Revenue:
	$
Total Revenue		$
Expenses:
	$
Total Expenses
Net Income		$

5. Prepare a statement of owner’s equity using the information provided for Pirate Landing for the month of October 2018.

Cash	$14,000
Pirate Pete, Capital Oct. 1	58,000
Net loss Oct. 2018	7,500
Owner investments	1,500
Wages payable	3,000
Supplies expense	1,500
Owner withdrawals	100

Pirate Landing
Statement of Owner’s Equity
For the Month Ended October 31, 2018
Pirate Pete, Capital Oct. 1		$
Increases:
	$
Total Increases
Decreases:
	$
Total Decreases
Pirate Pete, Capital October 31		$

Answer 1

Answers

• Requirement asked

DL Enterprises
Income Statement
For the Month Ended July 31, 2018
Revenue:
Sales Revenue	$64,000
Rental Revenue	$15,300
Total Revenue		$79,300
Expenses:
Product Expense	$52,400
Wages Expense	$18,800
Utilities Expenses	$1,800
Taxes Expense	$500
Total Expense		$73,500
Net Income		$5,800

Pirate Landing
Statement of Owner’s Equity
For the Month Ended October 31, 2018
Pirate Pete, Capital Oct. 1		$58,000
Increases:
Owner Investments	$1,500
Total Increases		$1,500
Decreases:
Net Loss Oct 18	$7,500
Owner Withdrawal	$100
Total Decreases		$7,600
Pirate Pete, Capital October 31		$51,900