Income Statement | |
Service revenue | 72,760 |
Expenses: | |
Utilities expense | -2,150 |
Maintenance & repair expense | -1,650 |
Depreciation expense | -3,140 |
Insurance expense | -2,660 |
Salaries and wages expense | -41,730 |
Net Income | $21,430 |
Statement of Retained Earnings | |
Retained earnings, beginning | 33,380 |
Net income | 21,430 |
$54,810 | |
Dividends | -12,000 |
Retained earnings, ending | $42,810 |
Balance Sheet | ||
Assets | ||
Current assets: | ||
Cash | 14,300 | |
Accounts receivable | 15,650 | |
Supplies | 3,500 | |
Prepaid insurance | 6,010 | |
Total Current Assets | $39,460 | |
Long term investments: | ||
Debt investment | 6,300 | |
Plant assets | 63,800 | |
Less:Accumulated Depreciation- equipment | -21,800 | 42,000 |
Intangible assets: | ||
Trademark | 2,100 | |
Total Assets | $89,860 | |
Liabilities and Stockholders Equity | ||
Current liabilities: | ||
Accounts payable | 18,340 | |
Salaries and wages payable | 5,510 | |
Total Current Liabilities | $23,850 | |
Stockholders Equity: | ||
Common stock | 23,200 | |
Retained earnings | 42,810 | |
Total Stockholder's Equity | $66,010 | |
Total Liabilities and Stockholders Equity | $89,860 |
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