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Debit Credit 16,000 34,000 5,000 350.000 80,000 160,000 Account Title Cash Accounts Receivable Office Supplies Trucks Accum.
Depreciation expense- Truck Salaries expense Office supplies expense Interest expense Repairs expense - Truck 40,000 110,000
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Answer #1

Solution:

Requirement:1

Income Statement:

Stay Safe Inc.
Income statement
for the year end May 31,2020
Delivery Fees Earned
Service Revenue(A) $ 263,000
Operating Expenses
Depreciation Expense $    40,000
Salaries Expense $ 110,000
Office Supplies expense $    15,000
Interest expense $      5,000
Repair expense $    10,000
Total Operating Expense (B) $ 180,000
Net Income (A-B) $    83,000

Requirement:2

Statement of Owner`s Equity

Stay Safe Inc.
Statement of Owner`s Equity
for the year end May 31,2020
Owner`s Equity At Beginning $ 307,000
Add: Owner`s Investment $             -  
          Net Income $    83,000 $    83,000
Sub Total $ 390,000
Deduct: Owner`s Drawings $ (34,000)
Owner`s Equity At end $ 356,000

Requirement:3

Balance Sheet:

Stay Safe Inc.
Balance sheet
As on May 31,2020
Assets
Current assets:
Cash $           16,000
Accounts Receivable $           34,000
Office Supplies $             5,000
Total Current Assets $    55,000
Property,plant, and equipment:
Land $        160,000
Truck $        350,000
Less:Accumulated Depreciation $        (80,000) $ 430,000
Total Assets $ 485,000
Liabilities and stockholder's Equity
Current liabilities:
Accounts Payable $           24,000
Interest Payable $             5,000
Total Current Liabilities $    29,000
Long term Liabilities
LT Notes Payable $ 100,000
Total Liabilities $ 129,000
Equity:
Norman Rock, Capital $        356,000
Total Owner`s Equity $ 356,000
Total liabilities and stockholder's equity $ 485,000
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