Homework Answers
1.
Since nothing about notes payable is given, i have assumed Notes
payable to be non current liability i.e. with maturity of more than
1 year from reporting date.
| Balance Sheet | ||
| Assets | ||
| Current Assets | ||
| Cash | $ 1,200 | |
| Accounts Receivable | $ 200,050 | |
| Total Current Assets | $ 201,250 | |
| Equipment | $ 75,000 | |
| Less : Accumulated Depreciation | $ -15,000 | |
| Total Property Plant and Equipment | $ 60,000 | |
| Total Assets | $ 261,250 | |
| Liabilities & Stockholder's Equity | ||
| Current Liabilities | ||
| Accounts Payable | $ 3,300 | |
| Total Current Liabilities | $ 3,300 | |
| Non-Current Liabilities | ||
| Notes Payable | $ 100,000 | |
| Total Liabilities | $ 103,300 | |
| Stockholder's Equity | ||
| Common Stock | $ 5,000 | |
| Retained Earnings | $ 152,950 | |
| Total Stockholder's Equity | $ 157,950 | |
| Total Liabilities & Stockholder's Equity | $ 261,250 |
2.
| Revenue | ||
| Service Revenue | $ 220,010 | |
| Rent Revenue | $ 12,000 | |
| Total Revenue | $ 232,010 | |
| Expenses | ||
| Depreciation Expense | $ 2,000 | |
| Supplies Expense | $ 1,750 | |
| Interest Expense | $ 8,000 | |
| Salaries Expense | $ 45,000 | |
| Rent Expense | $ 35,810 | |
| Total Expenses | $ 92,560 | |
| Net Income | $ 139,450 |
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