Homework Answers
Solution:
1. Income statement for the year ended 31 December 2020
Service Revenue $70000
Operating Expenses
Insurance Expense $4500
Utility Expense $1400
Rent Expense $16000
Salaries Expense $50500 $72400
Operating Loss ($2400)
2. Statement of Owners Equity for the year ended 31 December 2020
Bolero, capital: January 1, 2020 $9000
Owners Contribution $5100
Net loss ($2400)
Cash Withdrawals ($4800)
Balance December 31,2020 $6900
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