Question

accounting 200

financial statement homework #1

Jung Company Adjusted Trial Balance December 31, 2018 115 115,000 21,000 3,000 36,000 110,000 15,000 65,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 35,000 8,000 15,900 1,000 47,000 35,000 55,100 4,000 480,000 8,000 42,000 6,000 55.000 10.000 10.000 140,000 13,000 2,000 32,000 677,000 677,000

Answer 1

Jung Company
Income Statement
31-Dec-18
Revenue	Amount ($)
Service Revenue	4,80,000
Total Revenues	4,80,000
Expenses
Repair Expense	8,000
Delivery Expense	42,000
Depreciation	6,000
Rent Expense	55,000
Insurance Expense	10,000
Wage Expense	1,40,000
Supplies Expense	13,000
Interest Expense	2,000
Total Expenses	2,76,000
Net Income Before Taxes	2,04,000
Income tax expense	32,000
Income from Operations Carried to Retained Earnings	1,72,000
Jung Company
Statement of Retained Earnings
31-Dec-18
Particulars	Amount ($)
Retained Earnings (1/1/2018)	55100
Income from Operations Carried from Income Statement	172000
Less: Dividends	4000
Ending Retained Earnings (12/31/2018)	2,23,100
Jung Company
Balance Sheet
31-Dec-18
Assets	Amount ($)	Amount ($)
Current Assets
Cash	1,15,000
Accounts receivable	21,000
Supplies	3,000
Prepaid Insurance	36,000
Inventory	1,10,000
Total current assets	$              2,85,000
Fixed (Long-Term) Assets
Vehicle	15,000
Equipment	65,000
(Less accumulated depreciation)	(35,000)
Total fixed assets	$                  45,000
Total Assets		$          3,30,000
Liabilities and Owner's Equity
Current Liabilities
Accounts payable	8,000
Unearned revenue	15,900
Wages payable	1,000
Total current liabilities	$                  24,900
Long-Term Liabilities
Long-term Notes Payable	47,000
Total long-term liabilities	$                  47,000
Owner's Equity
Owner's investment - Common Stock	35,000
Retained earnings	2,23,100
Total owner's equity	$              2,58,100
Total Liabilities and Owner's Equity		$          3,30,000
Part 5:
Dollar Amount of Net Income	$              1,72,000
Dollar Amount of Ending Retained Earnings	$              2,23,100
Dollar Amount of Total Current Assets	$              2,85,000
Dollar Amount of Total Current Liability	$                 24,900
Dollar Amount of Total Stockholders Equity	$              2,58,100
Dollar Amount of Total Assets	$              3,30,000