Need help net income should equal $53,750 and total Assets should equal 907600 but I keep getting something different.
Income Statement | ||||
Service Revenue | $ 1,93,250.00 | |||
Less: | Expenses: | |||
Rent Expense | $ 2,250.00 | |||
Utilities Expense | $ 8,200.00 | |||
Salaries Expense | $ 1,15,000.00 | |||
Insurance Expense | $ 2,600.00 | |||
Supplies Expense | $ 7,000.00 | |||
Depreciation Expense | $ 3,800.00 | |||
Interest Expense | $ 650.00 | |||
Total Expenses | $ 1,39,500.00 | |||
Net Income | $ 53,750.00 |
Service Revenue | |||
$ 76,000.00 | |||
$ 1,05,250.00 | |||
$ 12,000.00 | |||
$ 1,93,250.00 |
Note: I've no idea from where did you get that $ 60000 in service revenue account
Computation of Total Assets | |||
Cash | $ 3,63,550.00 | ||
Accounts Receivable | $ 2,01,250.00 | ||
Supplies | $ 63,000.00 | ||
Prepaid Insurance | $ 28,600.00 | ||
Equipment | $ 2,51,200.00 | ||
Total Assets | $ 9,07,600.00 |
Note: Balance of the assets are taken from the T-Accounts you provided only.
Need help net income should equal $53,750 and total Assets should equal 907600 but I keep...
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