Question

Vaughn Manufacturing Balance Sheet July 31, 2017 Assets Total Assets Liabilities and Stockholders' Equity

Answer 1

Income statement

Revenues
Service revenue	67,700
Rent revenue	10,000
Total revenue	77,700
Expenses :
Salaries and wages expense	59,100
Supplies expense	17,100
Depreciation expense	5,100
Total expense	-81,300
Net loss	- $3,600

Retained earnings

Retained earnings, beginning	35,000
Net income	-3,600
Dividend	-4,000
Retained earnings, ending	$27,400

Balance sheet

Assets
Current assets
Cash	30,200
Account receivable	11,280
Total current assets		41,480
Plant assets
Equipment	20,000
Less : accumulated depreciation	-7,100
Net plant assets		12,900
Total assets		$54,380
Liabilities and stockholders' equity
Current liabilities
Accounts payable	4,100
Salaries and wages payable	3,580
Total current liabilities		7,680
Long term liabilities
Notes payable		3,300
Total liabilities		10,980
Stock holders equity
Common stock	16,000
Retained earnings	27,400
Total stockholders equity		43,400
Total stockholders' equity and liabilities		$54,380

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