Question

prepare an Income statement, statement of owners equity, and balance sheet for the following .. Cash 16,500 Accounts Receivable 10,450 Office Supplies 264 Prepaid Rent 880 Office Equipment 9,240 Accumulated Depreciation - Office Equipment 2,200 Accounts Payable 5,940 Notes Payable 11,000 Unearned Service Revenue 1,166 Interest Payable 550 Salaries Payable 330 B. Cooper, Capital 24,002 B. Cooper, Withdrawal 22,000 Service Revenue 76,604 Salaries Expense 49,730 Rent Expense 4,840 Utilities Expense 4,280 Office Supplies Expense 2,398 Depreciation Expense - Office Equipment 660 Interest Expense 550 121,792 121,792

accounts

Answer 1

Income Statement
Revenues:
Service Revenue		$ 76,604
Expenses :
- Utilities Expense	$ 4,280
- Office Supplies Expense	$ 2,398
- Depreciation Expense	$ 660
- Interest Expense	$ 550
- Rent Expense	$ 4,840
- Salaries Expense	$ 49,730
Total Expenses		($ 62,458)
Net Income		$ 14,146

Statement of Owner's Equity
B. Cooper Capital - Beginning of the Year	$ 24,002
Add: Net Income	$ 14,146
	$ 38,148
Less: Withrawl	($ 22,000)
B. Cooper Capital -   end of the Year	$ 16,148

Balance Sheet
Assets
Current assets :
Cash	$ 16,500
Accounts Receivable	$ 10,450
Office Supplies	$ 264
Prepaid Rent	$ 880
Total Current assets		$ 28,094
Property plant and Equipment
Office Equipment	$ 9,240
Less: Accumulated Depreciation - Equipment	($ 2,200)	$ 7,040
Total Assets		$ 35,134
Liabilities and Stockholders' Equity
Liabilities :
Accounts Payable	$ 5,940
Notes Payable	$ 11,000
Interest Payable	$ 550
Salaries Payable	$ 330
Unearned Service revenue	$ 1,166
Total Current Liabilities		$ 18,986
Stockholders' Equity :
Retained Earnings	$ 16,148
Total Shareholders Equity		$ 16,148
Total Liabilities and Stockholders' Equity		$ 35,134