Homework Answers
| Income Statement | ||||
| Revenue | ||||
| Delivery fees | 6,400 | |||
| Less: Operating expense | ||||
| wages expense | 880 | |||
| Rent expense | 1,100 | |||
| Supplies expense | 220 | |||
| Telephone expense | 175 | |||
| Electricty expense | 320 | |||
| Insurance expense | 550 | |||
| Dep expense-Delivery equipment | 400 | |||
| Misc. expense | 55 | |||
| Total Operating expense | 3,700 | |||
| Net income | 2,700 | |||
| Statement of Owner's equity | ||||
| Beginning balance of capital | 15,600 | |||
| Add: Net income | 2700 | |||
| Less: Drawings | -1500 | |||
| Net increase during the year | 1,200 | |||
| Ending balance of capital | 16,800 | |||
| Balance Sheet | ||||
| Assets | ||||
| Current Assets: | ||||
| Cash | 11,000 | |||
| Accounts receivable | 1,500 | |||
| Supplies | 1,200 | |||
| Prepaid insurance | 800 | |||
| Total Current assets | 14500 | |||
| Property, Plant and equipment | ||||
| Delivery equipment | 5,000 | |||
| Less: Acc. Depreciation | 400 | 4,600 | ||
| Total assets | 19,100 | |||
| Liabilities: | ||||
| Current liabilities | ||||
| Accounts payable | 900 | |||
| Wages payable | 1,400 | |||
| Total current liabilities | 2,300 | |||
| Owner's equity | ||||
| Carlos Perez, Capital | 16,800 | |||
| Total Liabilities and equity | 19,100 | |||
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