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H 2-0 AutoSave C - Assignment 1(C12) - Protected View - Saved to this PC Search Fiza Garg (gargf1) +9 ca File Home Insert Design Layout References Mailings Review View Help Share Comments PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's sater to stay in Protected View Enable Editing 2.1.1.1.3.1.1.1.2.1.3.1.4.1.5.1.1.1.1.3.1.9. 1.10. 11. 12: 1.13.1 14 1 15.1.10 3.111.11.19 COM2014.CD&2020 hal Assignment (Ch1&2) Que on September 26 Q4. The assets and liabilities of Web Services Inc. as of Decerriber 31, 2017 and revenues and expenses for the year ended on that date are listed here. Land 8.000 Equipment 11,000 Note payable 32,000 Accounts payable 15,000 Accounts receivable 25,000 Interest payable 4,000 Supplies 2,000 Common shares 15,000 Property tax expense 2,000 Salary expense 40,000 Rent expense 15,000 Building 126,000 Service revenue 145,000 Cash 3,000 Utilities expense 3,000 Interest expense 4,000 Beginning retained earnings were $60,000, and dividerids totalled $30,000 for the year. Requirements: 1. Prepare the income statement of Web Services Inc. for the year ended December 31, 2017. 2. Prepare the company's statement of retained earnings for the year. 3. Prepare the company's balance sheet at December 31, 2017 05. Accounting has its own vocabulary and basic relationships. Match the accounting terms at left with the corresponding definition or meaning at right. 1. Debit 2. Payable A. The cost of operating a business; a decrease in shareholders' equity B. Always a liability Page 2 of 3 545 word: Focus EI 1009 Type here to search OBI ADA) ENG 11:39 PM 2020-09-20

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Answer 1

Q4)

Income Statement:
	Amount $
Service Rev.	143000
Less: Expenses:
Salary exp.	40000
Rent exp.	15000
Property tax exp.	2000
Utilities exp.	3000
Interest exp.	4000
total expenses	64000
Net Income	79000
Statement of Retained Earnings:
Opening Bal.	60000
Add:Net Income	79000
Less:Dividend paid	-30000
Closing Bal.	109000
Balance Sheet:
Assets:
Cash	3000
Acc Receivable	25000
Supplies	2000
Current Assets	30000
Land	8000
Building	126000
Equipment	11000
total Assets	175000
Liabilities & SH Eq.:
Acc Payable	15000
Interest Payble	4000
Current Liabilities:	19000
Note Payable	32000
Stockholders' Equity:
Common Stock	15000
Retained Earnings	109000
total Liab. & SH Eq.:	175000