Homework Answers
Net Income is correct.
(b) Statement of owners' equity:
| Cook's Catering Company |
| Statement of owners' equity |
| March 31, 2009 |
| Capital as on March 1, 2009 | 150,000 | |
| Investments during March | - | |
| Add: Net income | 25,390 | |
| 25,390 | ||
| Less: Drawings | (31,000) | |
| Decrease in owners' equity | (5,610) | |
| Capital balance as on March 31, 2009 | 144,390 |
(c)
| Cook's Catering Company |
| Balance Sheet |
| March 31, 2009 |
| ASSETS | ||
| Current Assets: | ||
| Cash | 19,390 | |
| Accounts receivable | 45,950 | |
| Prepaid insurance | 3,000 | |
| Supplies | 900 | |
| Total Current assets | 69,240 | |
| Non-Current Assets: | ||
| Land | 85,400 | |
| Total Assets | 154,640 | |
| LIABILITIES & OWNERS' EQUITY | ||
| Current Liabilities: | ||
| Accounts payable | 10,250 | |
| Total current liabilities | 10,250 | |
| Owners' Equity | 144,390 | |
| Total liabilities and owners' equity | 154,640 |
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