Question

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Financial statements and desing entries Statement of Owner's Equity Balance Sheet Journal Label and Amount Descriptions Income Statement Chatol Rocount Final Question Instructions Forders Service is nie wiem tais clandby Surya Ondre, end de bewondering Services propadan anda period at - Pried out Route 200 200 10

Answer 1

1.

Income Statement
Revenue
Service Fees	$      708,650
Rent Revenue	$        11,900
Total Revenue		$     720,550
Expenses
Salaries Expense	$      523,900
Rent Expense	$        47,600
Supplies Expense	$        10,800
Depreciation Expense	$          7,500
Utilities Expense	$          7,250
Repair Expense	$          2,800
Insurance Expense	$          2,800
Miscellaneous Expense	$          5,600
Total Expenses		$     608,250
Net Income / (Loss)		$     112,300
Statement of Owner's Equity
Beginning Balance, Capital	$      372,000
Add : Net Income	$      112,300
	$      484,300
Less : Drawings	$        11,900
Ending Balance, Capital	$     472,400
Balance Sheet
Assets
Current Assets
Cash	$        20,300
Accounts Receivable	$        69,400
Supplies	$          4,600
Prepaid Insurance	$          2,500
Total Current Assets		$        96,800
Property Plant and Equipment
Building	$      434,000
Less Accumulated Depreciation	$      (42,000)
Total Property Plant and Equipment		$     392,000
Total Assets		$     488,800
Liabilities & Owner's Equity
Current Liabilities
Accounts Payable	$        11,600
Salaries Payable	$          3,000
Unearned Rent	$          1,800
Total Current Liabilities		$        16,400
Owner's Equity
Stacy Tanner, Capital	$      472,400
Total Owner's Equity		$     472,400
Total Liabilities & Owner's Equity		$     488,800

2.

Account Titles	Debit	Credit
Service Fees	$      708,650
Rent Revenue	$        11,900
Stacy Tanner, Captial		$     720,550
Stacy Tanner, Captial	$      608,250
Salaries Expense		$      523,900
Rent Expense		$        47,600
Supplies Expense		$        10,800
Depreciation Expense		$          7,500
Utilities Expense		$          7,250
Repair Expense		$          2,800
Insurance Expense		$          2,800
Miscellaneous Expense		$          5,600
Stacy Tanner, Captial	$        11,900
Stacy Tanner, Drawings		$        11,900

3.
Net loss = $30000 - 11900 = $18100 i.e. ($18100)

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