Homework Answers
1 ). Income statement
Service Revenue. 9000
Expenses
Depreciation expense 1500
Other operating expense 10000
11500
Net Loss = (11500- 9000)= 2500
2). Retained earnings
Opening retained earnings. 17000
Less : Net loss. 2500
Less : Dividend paid. 6000
Closing retained earnings = 8500
3) Total assets =Equipment -Depreciation + Patent + Accounts receivable + Prepaid rent + cash
=9500-1500+11000+4000+8000+12000
=43000
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