Question

Flint Golf Inc. was organized on July 1, 2017. Quarterly financial statements are prepared. The unadjusted trial balance and adjusted trial balance on September 30 are shown here.

FLINT GOLF INC. TRIAL BALANCE SEPTEMBER 30, 2017
		Unadjusted				Adjusted
		Dr.		Cr.		Dr.		Cr.
Cash		$7,311				$7,311
Accounts Receivable		367				935
Prepaid Rent		1,671				698
Supplies		1,316				214
Equipment		14,890				14,890
Accumulated Depreciation-Equipment								$361
Notes Payable				$4,800				4,800
Accounts Payable				1,105				1,105
Salaries and Wages Payable								619
Interest Payable								48
Unearned Rent Revenue				1,000				800
Common Stock				15,298				15,298
Retained Earnings				0				0
Dividends		542				542
Service Revenue				13,539				14,107
Rent Revenue				710				910
Salaries and Wages Expense		8,998				9,617
Rent Expense		913				1,886
Depreciation Expense						361
Supplies Expense						1,102
Utilities Expenses		444				444
Interest Expense						48
Totals		$36,452		$36,452		$38,048		$38,048

No. Date Account Titles and Explanation Debit Credit 1. Sep. 30 Taccounts Receivable 568 Service Revenue (To record accrued service revenue) 2. Sep. 30 Rent Expense T 97311 Prepaid Rent 973 (To record expired rent) 3. Sep. 30 Supplies Expenses Supplies 1102 (To record supplies used) 4. Sep. 30 Depreciation Expense 361 | Accumulated Depreciation-Equipment (To record depreciation on equiment) 5. Sep. 30 Interest Expense | Interest Payable (To record interest accrued on the note) 2 6. Sep. 30 Tunearned Rent Revenue Rent Revenue 200 (To record rent revenue earned) 7. Sep. 30 salaries and Wages Expense | Salaries and Wages Payable 619 (To record accrued wages)

Answer 1

Answer:

Income Statement:

FLINT GOLF INC.
Income Statement
For the Three months ending September 30,2017
Revenues:
Service revenue	$14,107
Rent revenue	$910
Total revenues		$15,017
Less: Expenses:
Salaries and wages expense	$9,617
Rent expense	$1,886
Depreciation expense	$361
Supplies expense	$1,102
Utilities expense	$444
Interest expense	$48
Total expenses		$13,458
Net income		$1,559