Homework Answers
| Income Statement | ||
| Revenues | ||
| Commission revenue | 46,400 | |
| Rent revenue | 5,400 | |
| Total revenue | 51,800 | |
| Expenses: | ||
| Depreciation expense | 7,500 | |
| Utilities expense | 9,900 | |
| Supplies expense | 5,200 | |
| Total expenses | -22,600 | |
| Net Income | $29,200 | |
| Statement of Owners Equity | ||
| Capital, beginning | 62,290 | |
| Add: Net income | 29,200 | |
| Less: Drawings | -14,100 | |
| 15,100 | ||
| Capital, ending | $77,390 | |
Part 1
Balance in drawings account after the closing process have been completed =$0
Part 2
The balance in capital account = $77,390
Part 3
$29,200 was transferred from the income summary account to the capital account in the third closing entry.
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