Question

Ed's Bike Shop

Fill the grey area

Ed's Bike Shop January, 2015 Transactions ASSETS LIABILITIES REVENUE EXPENSES STOCKHOLDERS EQUITY Common Stock Cash Bike Parts A/P Bike Sales Rent Repair Parts Sold Stock for 10,000 10,000 10,000 Pruchased bike parts on account 2,500 2,500 2,500 Paid shop rent 700 (700) 700 Sold repair services 1,200 cash 1,200 1.200 Used repair parts 200 (200) 200 Paid 700 on account for bike parts (700) (700) 9,800 2,300 1,800 10,000 + 1,200 700 200 INCOME STATEMENT FOR MONTH ENDING JAN, 2015 REVENUE STATEMENT OF RETAINED EARNINGS FOR MONTH ENDING JAN, 2015 BEG BALANCE BALANCE SHEET January 31, 2015 ASSETS EXPENSES XXX DIVIDENDS TOTAL ASSETS XXX TOTAL EXP LIABILITIES XXX NET INCOME ENDING BALANCE RETAINED EARNINGS $ STOCKHOLDERS EQUITY Xxx XXX TOTAL STOCKHOLDER EQUITY $ - TOTAL LIAB & STOCKHLDR EQUITY $ -

Answer 1

Ed's Bike Shop

INCOME STATEMENT				Statement of retained Earnings			Balance Sheet
For month ending Jan,2015				For month ending Jan,2015			January 31,2015
Revenue		$        1,200		Beginning balance	-		Assets
bike sales							Cash	$          9,800
Expenses				Net income	$             300		Bike parts	$          2,300
Rent	$        700			dividend	-		Total Assets		$        12,100
Repair parts	$        200
Total Exp		$           900					Liabilities
							Accounts payable (bike parts)		$          1,800
Net income		$           300		Ending balance	$             300
				Retained Earnings	$             300		Stockholders equity
							Common stock	$        10,000
							Retained Earnings	$              300
							Total stockholders equity		$        10,300
							Total Liabilities & Stockholders equity		$        12,100