Question

income statement and balance sheet

X G Determining Retained Earnings Homework 1--Chapter 1 a7426327 x O My Business Course-ACC 111 i mybusinesscourse.com/platform/mod/quiz/attempt php?attempt-32396278cmid-2041418page Warren D E My Subscriptions A Return to course BusinessCourse Finish attempt. Question 4 Not complete P Rag question Marked out of 3.00 Income Statement and Balance Sheet On March 1, 2016, Amy Dart began Dart Delivery Service, which provides delivery of buik mailings to the post office, neighborhood delivery of weekly newspapers, data delivery to computer service centers, and various other delivery services using leased vans. On February 28, Dart invested $45,000 of her own funds in the firm and borrowed $18,000 from her father on a six-month, non-interest-bearing note payable. The following information is available at March 31: $29,100 Delivery Fees Earned $57,900 6.000 Cash Accounts Receivable Rent Expense Advertising Expense Supplies Expense Accounts Payable Salaries Expense Miscellaneous Expense 39,900 3,600 Supplies Inventory 19.500 8,100 Notes Payable 18.000 7,800 Insurance Expense 2,400 19,500 Common Stock 45,000 600 Retained Earnings Required a. Prepare an income statement for the month of March. Do not use negative signs with your answers. P Type here to search 7:30 P 1/20/2C

Answer 1

Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks!

Amy Dart
Income Statement for the month of March
Particulars	Amount $	Amount $
Revenues
Delivery Fees Earned	57,900.00
Net Sales		57,900.00
Expenses
Rent Expense	6,000.00
Advertising Expense	3,600.00
Supplies Expense	8,100.00
Salaries Expense	19,500.00
Miscellaneous Expense	600.00
Insurance Expense	2,400.00
Total Expense		40,200.00
Net Income		17,700.00
Statement of Retained Earnings for the month of March	Amount $	Amount $
Opening Balance	-
Add: Net Income for the year	17,700.00
Less: Dividend	-
Closing Balance		17,700.00

Balance Sheet as at 31st March
Assets	Amount $
Supplies Inventory	19,500.00
Accounts Receivable	29,100.00
Cash	39,900.00
Total Current Assets	88,500.00
Total Assets	88,500.00
Liabilities
Notes Payable	18,000.00
Accounts Payable	7,800.00
Current Liabilities	25,800.00
Total Liabilities	25,800.00
Stockholders' Equity
Common Stock	45,000.00
Retained Earnings	17,700.00
Total Stockholders' Equity	62,700.00
Total Liabilities & Stockholders' Equity	88,500.00