Homework Answers
1.
|
Income Statement For the year ended December 31, 2018 |
||
| Fees Earned | $ 833,000 | |
| Operating Expenses | ||
| Wages Expense | $ 501,000 | |
| Rent Expense | 33,000 | |
| Supplies Expense | 4,200 | |
| Utilities Expense | 27,500 | |
| Miscellaneous Expense | 6,000 | - 571,700 |
| Net Income | 261,300 | |
2.
| Retained
Earnings Statement For the year ended December 31, 2018 |
|
| Beginning Retained Earnings | $ 602,000 |
| Add: Net Income | 261,300 |
| Less: Dividends | 0 |
| Ending Retained Earnings | $ 863,300 |
3.
| Balance
Sheet December 31, 2018 |
|||
| Assets | Liabilities | ||
| Cash | 188,000 | Accounts Payable | 72,000 |
| Accounts Receivable | 265,000 | ||
| Supplies | 5,300 | Stockholders' Equity | |
| Land | 547,000 | Common Stock | 70,000 |
| Retained Earnings | 863,300 | ||
| Total Assets | 1,005,300 | Total Liabilities and Stockholders Equity | 1,005,300 |
4. Ending retained earnings.
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