Homework Answers
Prepaid insurance has a balance $ 3,000 on March 31st. Insurance expense is from Jan to Jun (ie. 6 months) From Jan to Mar insurance expense is recorded. For Apr to June (ie. 3 months) $3,000 is remaining. Insurance expense per month $1,000 ($3,000 / 3)
1.
Net income:
= $16,000 - $9,000 - $2,000 - $1,000 - $1,000 - $1,000
= $2,000
2.
Retained earnings = $5,000 + $2,000
= $7,000
3.
Total assets:
= $40,000 + $16,000 - $9,000 - $2,000 - $1,000 - $1,000 - $1,000
= $42,000
4.
Total liabilities = $10,000
5.
Total owners' equity:
= $25,000 + $7,000
= $32,000
6.
Accumulated depreciation:
= $1,000 X 4 (ie. From Jan to Apr)
= $4,000
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