Question

Is what I did correct. If not what do I need to do differently for the income statement and balance sheet?

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Answer 1

Ans- Alex Inc.

Income Statement

For the Year Ended December 31,2018

Service Fees Revenue	$135,000
Total Revenue (A)	$135,000
Expenses:
Supplies Expense	6,420
Insurance Expense	6,400
Rent Expense	8,402
Salaries Expense	58,300
Maintenance Expense	6,210
Total Expenses (B)	85,732
Net Income (A)-(B)	$49,268

Alex Inc.

Balance Sheet

As at December 31,2018

ASSETS:-
Cash	$34,600
Accounts Receivables	15,300
Supplies Inventory	24,500
Building	64,800
Total Assets	$139,200
LIABILITIES:-
Accounts Payable	$20,600
Notes Payable	24,300
Total Liabilities	$44,900
STOCKHOLDERS' EQUITY:-
Contributed Capital	33,732
Retained Earnings	60,568
Total Equity	$94,300
Total Liabilities and Equity	$139,200

Computation of Retained Earnings:-

Opening Balance of Retained Earnings 1/1/18	$14,300
Add: Net Income of the year	$49,268
Total	$63,568
Less: Dividends declared and paid during the year	$3,000
Net Retained Earnings as on December 31,2018	$60,568

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