Homework Answers
Requirement 1:
| Income Statement | ||
| For the year ended Dec 31,2019 | ||
| Revenues: | ||
| Fees earned | $912,500 | |
| Expenses: | ||
| Miscellaneous expense | $6,400 | |
| Rent expense | $36,000 | |
| Supplies expense | $4,100 | |
| Utilities expense | $28,500 | |
| Wages expense | $510,000 | |
| Total expenses | $585,000 | |
| Net income | $327,500 | |
Requirement 2:
| Statement of Owner's equity | |
| For the year ended Dec 31,2019 | |
| Owner's capital, Jan 1,2019 | $670,000 |
| Add: Net income | $327,500 |
| Balance | $997,500 |
| (Less): Owner's Drawings | ($42,000) |
| Owner's capital, Dec 31,2019 | $955,500 |
Requirement 3:
| Balance Sheet | |||
| As of December 31,2019 | |||
| Assets | Liabilities and Owner's equity | ||
| Cash | $190,500 | Accounts payable | $69,500 |
| Accounts receivable | $285,000 | ||
| Supplies | $5,500 | Owner's equity | $955,500 |
| Land | $544,000 | ||
| Total Assets | $1,025,000 | Total liabilities and stockholders' equity | $1,025,000 |
Requirement 4:
'Owner's capital on Dec 31,2019' is in 'Balance sheet' & 'Statement of owner's equity'.
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Question 1:
Question 2:
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