Homework Answers
Answer :
1. Income Statement for the year ending December 31, 2016 :
| Particulars | Amount (in $) | Amount (in $) |
| Revenue : | ||
| Service Revenue | 40,200 | |
| Expenses : | ||
| Salaries expense | 27,000 | |
| Supplies expense | 9,600 | |
| Depreciation expense-Furniture | 900 | |
| Depreciation expense-Building | 2,500 | |
| Advertising expense | 10,700 | |
| Total expenses | 50,700 | |
| Net Loss | 10,500 |
2. Statement of Retained Earnings for the year ending December 31, 2016 :
| Particulars | Amount (in $) |
| Retained Earnings, January 1 2016 | 36,200 |
| Less : Net Loss | 10,500 |
| Dividend paid | 20,500 |
| Retained Earnings, December 31 2016 | 5,200 |
3. Classified Balance Sheet as of December 31, 2016 :
| Amount (in $) | Amount (in $) | |
| Assets | ||
| Current Assets | ||
| Cash | 13,600 | |
| Account Receivable | 14,500 | |
| Office Supplies | 6,900 | |
| Total Current Assets | 35,000 | |
| Non Current Assets | ||
| Furniture 18,200 | ||
| Less : Acc. Depreciation 13,100 | 5,100 | |
| Building 49,800 | ||
| Less : Acc. Depreciation 36,900 | 12,900 | |
| Land | 18,400 | |
| Total Non-Current Assets | 36,400 | |
| Total Assets | 71,400 | |
| Liabilities | ||
| Current Liabilities | ||
| Accounts payable | 10,000 | |
| Salaried Payable | 7,700 | |
| Unearned revenue | 17,000 | |
| Total Current Assets | 34,700 | |
| Shareholders' Equity | ||
| Common Stock | 31,500 | |
| Retained Earnings, December 31 2016 | 5,200 | |
| Total Shareholders' Equity | 36,700 | |
| Total liabilities and Shareholders' Equity | 71,400 |
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Prepare the Income Statement for the year ending Dec 31,2018.
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