Solution: 1 | |||
INCOME STATEMENT | |||
Revenue : | |||
Sales Revenue | $ 53,000 | ||
Less: Expenses | |||
Insurance Expenses | $ 11,000 | ||
Interest Expenses | $ 8,000 | ||
Rent Expenses | $ 15,400 | ||
Salary Expenses | $ 2,500 | ||
Supplies Expenses | $ 4,000 | ||
Utilities Expenses | $ 2,000 | ||
Total Expenses | $ 42,900 | ||
Net Income | $ 10,100 | ||
Solution: 2 | |||
Statement of Retained Earnings | |||
AMOUNT | |||
Beginning Balance | $ - | ||
Add: Net Income of the year | $ 10,100 | ||
Less: Dividends | $ 8,200 | ||
Ending balance of Retained Earnings | $ 1,900 | ||
Solution: 3 | |||
BALANCE SHEET | |||
ASSETS | AMOUNT | AMOUNT | |
CURRENT ASSETS: | |||
Cash | $ 27,800 | ||
Account Receivable | $ 12,600 | ||
Supplies | $ 5,000 | ||
$ 45,400 | |||
FIXED ASSETS: | |||
Equipment | $ 1,200 | ||
Total | $ 1,200 | ||
TOTAL OF ASSETS | $ 46,600 | ||
LIABILITIES & SHAREHOLDER'S EQUITY | AMOUNT | AMOUNT | |
CURRENT LIABILITIES: | |||
Account Payable | $ 4,800 | ||
Salary Payable | $ 14,200 | ||
$ 19,000 | |||
LONG TERM LIABILITIES | |||
Note Payable (Due 6/30/2021) | $ 6,500 | ||
Shareholder's Equity | |||
Common Stock | $ 19,200 | ||
Retained Earnings | $ 1,900 | ||
Total Shareholder's Equity | $ 21,100 | ||
TOTAL OF LIABILITES & SAHREHOLDER'S EQUITY | $ 46,600 | ||
Solution: 4 | |||
Working Capital = Current Assets - Current Liabilities | |||
CURRENT ASSETS: | |||
Cash | $ 27,800 | ||
Account Receivable | $ 12,600 | ||
Supplies | $ 5,000 | ||
$ 45,400 | |||
Less: | |||
CURRENT LIABILITIES: | |||
Account Payable | $ 4,800 | ||
Salary Payable | $ 14,200 | ||
Total | $ 19,000 | ||
Working Capital | $ 26,400 | ||
Part 3 - Problems 1. The account balances for Dave's Golf Shop as of December 31,...
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