Assets | ||
Current Assets: | ||
Cash | $ 6,320 | |
Accounts receivable | $ 3,000 | |
Inventory | $ 2,880 | |
Supplies | $ 3,890 | |
Total current assets | $ 16,090 | |
Non-Current Assets: | ||
Equipment (net) | $ 1,10,100 | |
Total non current assets | $ 1,10,100 | |
Total assets | $ 1,26,190 | |
Liabilities and Stockholders' Equity | ||
Current liabilities: | ||
Accounts payable | $ 4,000 | |
Interest payable | $ 550 | |
Unearned service revenue | $ 830 | |
Salaries and wages payable | $ 820 | |
Notes payable | $ 33,000 | |
Total current liabilities | $ 39,200 | |
Stockholders' Equity: | ||
Common stock | $ 63,100 | |
Retained earnings | $ 23,890 | |
Total stockholders' equity | $ 86,990 | |
Total liabilities and Stockholders' Equity | $ 1,26,190 | |
Note: The trial balance does not balance; the plug in figure is treated | ||
as Retained Earnings, which, will have a debit balance of $14,750. | ||
WORKSHEET FOR NET INCOME: | ||
Service revenue | $ 43,350 | |
Less: Expenses: | ||
Salaries and wages expense | $ 4,100 | |
Depreciation expense | $ 610 | |
Total expenses | $ 4,710 | |
Net income | $ 38,640 | |
TRIAL BALANCE | ||
Debit | Credit | |
Accounts receivable | $ 3,000 | |
Accounts payable | $ 4,000 | |
Interest payable | $ 550 | |
Salaries and wages expense | $ 4,100 | |
Notes payable | $ 33,000 | |
Common stock | $ 63,100 | |
Inventory | $ 2,880 | |
Cash | $ 6,320 | |
Supplies | $ 3,890 | |
Unearned service revenue | $ 830 | |
Service revenue | $ 43,350 | |
Salareisa and wages payable | $ 820 | |
Depreciation expense | $ 610 | |
Equipment (net) | $ 1,10,100 | |
Total | $ 1,30,900 | $ 1,30,900 |
Retained earnings [Plug in figure] 145650-130900 = | $ 14,750 | $ 14,750 |
Total | $ 1,45,650 | $ 1,45,650 |
The following information is available for Ivanhoe Company Accounts receivable $3,000 Cash $6,320 Accounts payable 4,000...
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