Homework Answers
A)
|
INCOME STATEMENT FOR THE YEAR ENDED JUNE 30,2017 |
||
| Revenue | ||
| Fees earned | 261830 | |
| Rent revenue | 14400 | |
| Total revenue | 276230 | |
| Less:expense | ||
| salaries expense | 126960 | |
| Telephone expense | 4520 | |
| Interest expense | 3340 | |
| Insurance expense | 37820 | |
| Depreciation expense | 13280 | |
| Rent expense | 4820 | |
| Total expense | (190740) | |
| Net operating income | 85490 | |
B)
|
BALANCE SHEET AS ON JUNE 30 2017 |
|||
| ASSETS | |||
| Current asset | |||
| cash at bank | 12600 | ||
| accounts receivable | 11800 | ||
| Prepaid insurance | 460 | ||
| Total current asset | 24860 | ||
| Non current asset | |||
| Land | 180200 | ||
| Building | 196000 | ||
| less:Accumulated depreciation-building | -96500 | 99500 | |
| Equipment | 32300 | ||
| less:Accumulated depreciation-equipment | -12480 | 19820 | |
| Total non current asset | 299520 | ||
| Total asset | 324380 | ||
| LIABILITIES AND OWNERS CAPITAL | |||
| Current liabilities | |||
| Accounts payable | 16400 | ||
| mortgage payable | 64000 | ||
| Rates payable | 4820 | ||
| Unearned fees | 600 | ||
| Interest payable | 260 | ||
| salaries payable | 2360 | ||
| Total current liabilities | 88440 | ||
| owners capital | |||
| P.Oodle capital | 235940 | ||
| Total liabilities and owners capital | 324380 | ||
owners capital at end =Beginning+ net income during the year
= 150450 +85490
= 235940
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