Answer:
Statement of Owner's equity:
Custom Realty | ||
Statement of Owner's Equity | ||
For the Month Ended April 30,2019 | ||
Capital 4/1/2019 | $0 | |
Investment during the month | $24,000 | |
Net income | $10,850 | |
Less: Drawings | ($3,500) | |
Increase in Owner's equity | $31,350 | |
Capital 4/30/2019 | $31,350 |
Balance Sheet:
Custom Realty | |
Balance Sheet | |
April 30,2019 | |
Assets | |
Cash | $31,500 |
Office supplies | $300 |
Total assets | $31,800 |
Liabilities | |
Accounts payable | $450 |
Owner's Equity | |
Capital | $31,350 |
Total liabilities and owner's equity | $31,800 |
Calculations:
i. Calculation of net income:
Income Statement | ||
Revenue | $19,800 | |
Expenses: | ||
Rent expense | $3,600 | |
Automobile expense | $1,350 | |
Miscellaneous expense | $600 | |
Salaries expense | $2,500 | |
Supplies expense | $900 | |
Total expenses | $8,950 | |
Net income | $10,850 |
ii.T-Accounts:
Cash | |
$24,000 | $3,600 |
$19,800 | $1,350 |
$600 | |
$750 | |
$2,500 | |
$3,500 | |
$31,500 |
Accounts payable | |
$750 | $1,200 |
$450 |
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