Question

Carlos Perez Delivery Service Work Sheet (Partial) For Month Ended January 31, 2017 Income Statement Account Title Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accum. Dent. -- Equinu Accounts Payable Wages Payable Carlos Perez, Capital Carlos Perez, Drawing Consulting Fees Wages Expense 880 Rent Expense 1,100 Supplies Expense 220 Telephone Expense 175 Electricity Expense 320 Insurance Expense 550 Depr. Exp.-Delivery Equip. 400 Miscellaneous Expense 3,700 6,400 Net Income 2.700 6,400 6,400 Balance Sheet Debit Credit 11,000 1,500 1,200 800 5,000 400 900 1,400 15,600 1,500 6,400 55 21,000 18,300 2,700 21,000 21.000

Answer 1

Carlos Perez Delivery Service $6,400 income statement for the month ended January 31, 2017 revenues consulting fees expenses wages expense $ 880 rent expense $ 1,100 supplies expense $ 220 telephone expense $ 175 electricity expense $320 insurance expense $ 550 depr. Exp-delivery equip. $ 400 miscellaneous expense $55 total expenses net income $ 3,700 $ 2,700 Carlos Perez Delivery Service statement of owner's equity for the month ended January 31, 2017 Carlos Perez, Capital, January 1, 2017 add: net income $ 15,600 $ 2,700 $ 18,300 $ 1,500 $ 16,800 Less: Carlos Perez, Drawing Carlos Perez, Capital, January 31, 2017

$ 14,500 Carlos Perez Delivery Service Balance Sheet January 31, 2017 Assets current assets: cash $ 11,000 accounts receivable $ 1,500 supplies $ 1,200 prepaid insurance $ 800 total current assets property, plant and equipment: equipment $5,000 less: accum. Depr-equipment $ 400 equipment, net total assets Liabilities current liabilities accounts payable $ 900 wages payable $ 1,400 total current liabilities Owner's equity Carlos Perez, Capital total liabilities and owner's equity $4,600 $ 19,100 $ 2,300 $ 16,800 $ 19,100

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